Increase in successful PPI claims from those who didn’t know about their PPI policy.

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PPI Claims Advice report an increase in the number of claims from people who were sold a payment protection insurance policy without being aware of it at the time of the sale.

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PPI Claims Advice find during 20th August to 21st September 2012 there has been a significant increase, approximately 20% in the number of Payment Protection Insurance claims that were made by individuals who had been paying for a PPI policy which they were not aware about compared to the previous months.
Generally such claimants were mis-sold the policy by the financial institutions in a way which of course meant that checks regarding the eligibility of a consumer for the policy were never completed, terms and conditions were never made clear to the consumer and of course the bank’s duty of care towards the consumer was never met and all of these provide the basis for mis sold PPI claims.

The Payment Protection Insurance Claims Advice website completed follow up research with all of their successful claimants who stated their basis for a claim was the fact they did not know about their payment protection insurance policy which they had been paying for over the term of their loan. The majority of those who responded to the research, 65% stated that they did not know about their policy and only discovered it when choosing to check out their policy agreements after hearing about the scandal through friends or the media. The increase in awareness of the payment protection insurance policy scandal has therefore contributed towards thousands of people who did not know they had been paying for a policy getting the money which is rightfully theirs, back.

Furthermore 20% of the respondents accidentally stumbled upon their mis sold Payment Protection Insurance when they were in the process of claiming for a payment protection insurance policy which was on another form of credit. This does show that claims management firms such as PPI Claims Advice provide an effective service when checking all other historic and current forms of credit for PPI policies and as a result manage to claim back thousands of pounds for the consumers.

Finally, the remaining respondents to the survey, approximately 15% stated that they were made aware of the mis sold payment protection insurance policy thanks to communication from their bank or lender. The main banks sent thousands of letters out to consumers who were identified as being part of the Payment Protection Insurance scandal because of the procedure that the bank had in place to sell payment protection insurance. This could have been through methods such as opt in forms or simply sales tactics.

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Dr M Mansoor Siddique
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