Over £17 million in mis-sold Payment Protection Insurance reclaimed through PPI Claims Plus as an increasing number of borrowers seek to pursue action against banks

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PPI Claims Plus Company announced this week that huge demand for services has seen them break the £17 million mark in reclaims earlier in January this year.

Over £17 million in mis-sold Payment Protection Insurance reclaimed through PPI Claims Plus. PPI Claims Plus has reclaimed over £17 million mis-sold PPI on behalf of clients since 2009. In the past six years an unprecedented number of borrowers have been unknowingly signed up or mis-sold PPI, significantly adding to the cost of their loan.

PPI Claims Plus http://www.ppiclaimsplus.org have seen increasing number of clients approach them to assist in reclaiming mis-sold PPI. While not every PPI policy is bad, the Financial Services Authority has concluded that there has been widespread mis-selling of the product to people who generally didn’t need it such as those with savings. Sales incentives to consumer banking staff led to enormous pressure to sell PPI to clients. Considering the amount a borrower could pay for the product could reach up to 30% of the value of their loan.

Surprisingly many borrowers with PPI schemes are unaware that they were signed up in the first place. PPI Claims Plus recommend that those worried check their paperwork and look for any mention of an insurance fee or product that will cover cases of unemployment, sickness or accidents. In some instances it could be called ‘loan protection’, ‘protection plan’, ‘payment cover’, ‘ASU’, or ‘retail payment protection’. Anything unfamiliar on paperwork is worth investigating.

Unfortunately many who were mis-sold PPI have done little to reclaim money they are entitled to. According to PPI Claims Plus, “a majority of people are overwhelmed by the legal process, lack the knowhow or simply lack the time and resources to pursue a legal claim individually.”

This is where PPI Claims are able to help, their no win no fee structure has made reclaiming a less daunting prospect and are often able to settle a claim in as little as two months.

Recently the company stated “Once a PPI claim is received by your lender, they have 8 weeks in which to respond with a decision. Based on our experience in dealing with 1000s of cases over the last f,ew years, on average the majority of cases are dealt with by the lenders within this time period.”

Additionally they added “Currently the best banks in terms of response and payment are Lloyds, HSBC, Barclays And MBNA, while the slowest banks in our experience are RBS, EGG and HFC. They tend to wait out the eight-week period before responding to the first letter. The reasons given are backlogs and shortage of staff.”

Because of their outstanding success, PPI claims have been able to lower their fees from 15% to just 10% of money reclaimed. According to them, the average amount reclaimed is £2,300 but they have managed to reclaim as much as £65,000.

A large number of clients manage to reclaim significantly more than they initially expected.

PPI Claims recommend that anyone worried that they may have been mis-sold PPI should get in touch with them immediately to see if they have a valid claim.

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William Bagnall

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