Did You Have Payment Protections Insurance? Reclaim What You Spent Right Now!

If you had a credit card, or if you had taken on a loan, there is a very good chance that you were also paying the bank in the form of PPI. Payment protection insurance was particularly designed for those people who would have defaulted on their credit card payments or their loan payments. However, this insurance was only meant for those people who had already been assessed as poor risks for credit cards and for loans. That means, people who were in high risk professions, who were ill and who were redundant were made to PPI just so that the bank would not reclaim any property and the payments were protected under the PPI scheme. Credit card companies or banks usually provided the PPI at the time of taking on a credit card or when taking on a mortgage or a loan. Sometimes, consumers who wanted to purchased the PPI separately to protect themselves but it was not necessary for customers with a good credit score and a guaranteed job to get PPI. But have no fear, Martin’s Money PPI are here to help! Some people prefer to write their own PPI claim letter but this can sometimes prove stressfull and time consuming without the know-how.

The controversy starts….

But it did not work that way. Over the last few years, consumers in the UK have woken up to a huge mistake which inadvertently resulted in thousands of customers paying PPI when they didn’t have to. By the year 2008, more than 20 million PPI policies were wrongly sold to customers who were billed for them but who did not really require them. After the year 2008 too, more than 7 million policies were wrongly issued to customers with banks pocketing the premiums. Customers remained ignorant for a very log time and banks continued to make a profit of as much as 80% on the PPIs that they issued and claimed premiums on. The controversy started when UK customers realized that the PPI did not cover them on all repayment aspect of the loan. For example, salespersons were encouraged to push the PPI on to customers telling them that the loan was protected but the exact protection amount, reclaim PPI payment process and payment policy was not specified. Customers who then applied for the PPI were rejected and more than a million complaints about the PPI process were ignored. This continued till the Financial Services Authority was informed about the ludicrous policy and the way that complaints were being handled.

Just desserts…

The mishandling of the reclaim PPI payment process resulted in thousands of new customers coming forward. The UK courts who were dealing with the process also ruled in favor on consumers and consumers can now reclaim PPI that they paid on credit cards, mortgages and loans by getting in touch with banks, lenders or brokers who sold them the policy.

How to reclaim PPI?

It does seem like a windfall with thousands of consumers lining up to reclaim PPI from their much-hated banks. By using the Martin’s Money PPI service you can reclaim your PPI payments. Our average PPI Reclaim amount is £3,000 and many clients collect much more. Simply click the banner at the top of this page (or click here) to begin your claim process. We work on a no-win, no fee basis.

Here’s a Martin’s Money PPI Tip: Generally, Barclay Bank has been termed as the most liable for PPI misselling and if you have taken any sort of loan or credit card from them in the last six years; you could be eligible to reclaim PPI payments from them. More than 146,000 customers complained about the bank and more than 68% of these complaints were approved with the bank having to shell out about £1.9m in damages to these customers. The Financial Services Authority has also instructed the banks to write to all customers who had opted for the PPI to inform them that they could reclaim their payments with the right application process.