Richard Power Reveals Why Your Bank Account May Be Releasing Payments for an Expensive (and Useless) Mis sold PPI Policy Without You Even Knowing It

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Payment Protection Insurance (PPI) may have been invented with good intentions but many banks and lenders have turned it into a filthy cash cow. In a recent interview, mis sold PPI expert Richard Power revealed what happened and why you could be owed thousands.

The finance industry offers those in need of credit a variety of options – credit cards, loans, mortgages, re-mortgages to name a few, and it also offers bolt-ons and policies designed to deliver something extra that you ‘need’.

One such bolt-on is Payment Protection Insurance or PPI as it’s more commonly known, designed to make repayments on a borrowing when you can’t. It’s a great product when sold correctly, but as http://www.PPIClaimsUK.co.uk know and Mr Power describes, in most cases it hasn’t been...

“PPI is the latest in a long line of mis sold financial products that the banks have tried to get away with. Endowments, PEPs, personal pensions, the list goes on and payment protection insurance is set to dwarf them all with a potential refund bill of around £10bn.”

He added: “When sold at a fair price in the right way and explained to the customer, there’s no problem and PPI will offer a valuable safety net. But when you place the sale of PPI in the hands of poorly-trained call centre staff and give them targets and commission bonuses, the focus shifts from helping people cover their repayments to making an extra few hundred in the pay-packet this month.”

According to Power, typical reasons you could be eligible for a mis sold PPI claim include:

  • You were told the insurance policy was compulsory when you took out the loan/credit card
  • You’re paying for a PPI policy that you didn’t know about.
  • You were not informed of the policy exclusions that might affect you.
  • You were told that you had to take the insurance to get the loan/credit card.
  • The terms & conditions of the loan insurance policy were not properly explained to you.
  • Your age meant that the policy would never cover you in the event of a claim.
  • You were self employed or unemployed when you took out the insurance.
  • You declared a pre-existing medical condition which meant the policy would never pay out but were not informed of this.

As well as over-pricing policies or bolting them on with out the permission of the customer, banks and lenders also sold PPI to people who could never claim on the policy. Whether it was due to health issues, age or employment status many people are currently paying for PPI that is completely worthless.

Why bother with a claim?

Mr Power, who helps claimants get access to professional redress, believes that when it comes to mis sold PPI, there are some strong reasons to consider claiming: “Aside from the fact that there’s a good chance you have a mis sold policy, claims can go back up to six years and you can even claim a refund on expired agreements” he explained. “Add to this the average payout of around £2,200 and the fact that the banks have all just set billions aside to repay customers who make a claim, and you’d have to be pretty flush to not be interested in making a claim, especially when the odds of a payout are this good.”

Because making a PPI claim is a relatively new concept, having only gained tangible media coverage in the last month, it’s not surprising that so many people haven’t yet claimed. But as Power says, that’s no reason to not make a claim or at the very least get an audit to see if you have a mis sold policy.

“PPIClaimsUK.co.uk is perfectly placed to help people find out if they are paying for unwanted or over-priced payment protection insurance. We offer a free 10 point Payment Protection Insurance Refund Audit, which is proving popular with all our customers and can reveal roughly how much money you are owed as a result of mis sold PPI.”

More information about the free 10-point Payment Protection Insurance Refund Audit and making PPI claims is available at http://www.ppiclaimsuk.co.uk/mis-sold-ppi.

About PPIClaimsUK.co.uk

PPIClaimsUK is a full-service mis sold PPI refund specialist, getting clients an average of £2,200 back from unfair PPI payments made to major banks and lenders.

Throughout years of PPI claims activity and industry development, Richard has amassed a wealth of information on mis-selling law, refining case techniques and legal know how. It is this experience that he has drawn upon to help PPIClaimsUK.co.uk repeatedly win money back for their clients.

With PPIClaimsUK.co.uk, Richard and his team invite you to see if you’re owed any money due to a mis sold PPI policy being unknowingly attached to your credit card or loan. Visit http://www.ppiclaimsuk.co.uk/ppi-claims or call 0800 840 72 92.

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