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PPI (Payment Protection Insurance) Claims

£1.5bn - The average annual pre-tax profit earned by the banking industry as a whole from PPI between 2005 and 2009.

An average claim for a Credit Card claim with unwanted PPI is a whopping £1,100!

As we await the outcome of the OFT review into the sales process and pricing of PPI, much attention over the last few months has focused on the issues of personal loan insurance. But with £55 billion outstanding credit card debt in December 2006, the credit card PPI market is equally important. 

It is estimated that there are 20 million PPI policies in force in the UK producing annual revenues to insurance companies in excess of £5 Billion. It has been concluded that Payment Protection Insurance provides additional sources of profit for the Financial Industry rather than protecting the consumer which is why PPI refunds are being given.

The recent fine of GE Capital Bank, a major player in the store card market, reinforces the message that card PPI is also an area that has its own problems in terms of PPI sales techniques and general transparency.

Moneymeans can help, by recovering what has been taken from you.

If you have PPI's and you didn’t ask for it, didn’t want it or were pressured into it, then fill in our free call back form to claim it back!

In addition, the benefits for people choosing our bank charge recovery service at the same time, is that we can also recover all unfair bank charges.  There is nothing to pay for an unsuccessful claim. If we are successful we charge fee of 25% of the charges recovered. If you see a better deal online, we will match it and then reduce the fee by 1%!  Just make us aware !!

What is Payment Protection Insurance?

Payment Protection Insurance has been sold under a number of different names, although the principle behind all these policies is basically the same. The following are some of the more common names under which you may have purchased a policy – and for which we may be able to obtain you a substantial refund. You may not even know you have been sold PPI !

Accident Sickness & Unemployment Protection.

Commonly known as ASU insurance. These policies are often sold alongside mortgages or more substantial loans, and claim to cover your repayments should you become unable to work through redundancy, unemployment, injury or long-term illness. However, often the tight wording in the fine print of the document means that the anticipated tax-free monthly payment fails to be paid when the claim is made. For example, there is usually an exclusion for pre-existing and recurring medical conditions, whilst stress and back problems (two of the largest causes of absence from work) are frequently not covered in any event. These are rarely properly explained. What's more, if you're self-employed, you will probably have to cease trading altogether in order to make a claim.

Loan Payment Protection.

Personal Loan Protection (PLP) is one of the more common forms of PPI, and also one of the most expensive. This type of insurance can be sold alongside almost any loan, whether secured or unsecured. Frequently, people take out this sort of insurance when making a major purchase such as a car or a new kitchen; it is often offered alongside a credit card. In fact, you might not even know you agreed to this sort of insurance, but could be paying the premiums anyway! The truth is that the insurance can vastly increase the amount you owe – for example for one loan of £5000, the payment protection premiums totalled £1,300 (or a full 25% of the entire loan) !

Might any of these apply to you?

If so, contact Moneymeans today.

Payment Protection Insurance Claims

£177m - The total compensation paid out in the first 11 months of last year to consumers wrongly sold PPI contracts.

Moneymeans has a dedicated team of claims management experts who specialise in recovering all unfair charges levied by all of the big financial companies.  Moneymeans claims management experts can help you recover unfair bank and credit card charges and miss sold Payment Protection Insurance.

If you have been affected by any unfair charges then talk to us today.  Our team will review your financial situation and highlight any areas where you may be owed compensation for unfair charges or miss sold payment protection insurances.

We can recover £1000's of pounds of your money that may have been taken from you on a No Win No Fee* basis.

Extract from The Times Online 1st October 2009

PPI could be invalid says judge
Ruling over the commission earned on the sale of payment protection insurance may trigger refunds

Payment protection insurance (PPI) policies could be invalid if banks and credit card providers do not reveal the commission earned on the sale of the policy, according to a ruling by a Judge in South Shields.

Judge Jacqueline Smart decided that a credit card holder was entitled to have her PPI payments refunded because MBNA did not reveal that it would be earning commission from the insurance provider when it sold her the policy.

PPI is sold alongside credit cards, loans, finance agreements and mortgages to cover repayments if people are off work because of illness or unemployment. It is already in the spotlight amid evidence that it has been widely miss sold.

However, the ruling suggests that even if a PPI policy has not been miss-sold, the failure of providers to spell out the commission received from the sale of policies could render the terms of the policy invalid.

The implication of the ruling is that the consumer is entitled to know about the level of commission received by a bank, building society or credit provider when being sold a financial product such as PPI. Not being given that information is unfair.

Experts said it was extremely common for banks and credit providers to receive commission from insurance providers on the sale of PPI products to customers, but rare for this to be disclosed to customers.

The case concerned Lynne Thorius, a 49-year-old cleaning supervisor, who is now due to have up to £2,520 refunded after paying between £20 and £30 for PPI on her credit card for seven years. She may also be due the commission earned by MBNA on the sale of the policy.

MBNA had been suing Ms Thorius for £8,000 of arrears. However, she was also able to write-off the credit card debt after the Judge ruled that MBNA could not demand repayment of the debts because it was unable to produce the original credit agreement. Under the Consumer Credit Act, this renders the credit agreement invalid.

The bank was also accused of miss-selling the PPI policy because Ms Thorius insisted that she had not signed up to receive protection on her debt.