Safeguard Insurance (PPI) is a very profitable sideline for lenders. Actually lenders make more money on PAYMENT PROTECTION INSURANCE than the interest they charge on the lending options and credit cards the insurance protects! For each and every? 95 a lender charges for insurance on a loan or credit card, there is an 85% chance a claim will never be made by a customer, so they get to keep each of the money. The trouble is, a lot of this money has been obtained at the cost of pushing people into taking on extra credit – and therefore more debt – and mis-selling them PPI at the same time. In the event you’re reading this article you are probably one of them, but thankfully PPI claims will be the step to supporting you pay back the debt lenders have required after you. best ppi claims companies
You might be tempted to say there isn’t a need that you can make PPI claims because you don’t have PPI, but take a few occasions and find out for sure. Look on your financial statements and band your lender to ask. Why? Because one of the reasons so many people are putting in PPI claims to get their hard earned cash back is because they had no idea they’d PPI in the first place and only discovered by accident! The PAYMENT PROTECTION INSURANCE avalanche in set to explode with an approximated 27. bn to be reclaimed by consumers over the next five years.
The lengths lenders have hot to, to sell PAYMENT PROTECTION INSURANCE are extraordinary and in some respects, unbelievable, simply due to the significant profits that could be made on each of your policy, considerably more than what could be made on the interest from loans and credit cards. Should you be reading this and wondering if you could be one of those people who have suffered at the hands of the lenders then reclaiming your ppi may be the answer to your debt problems.
The complete extent of the dishonest and unethical tactics lenders use to get you to have PPI has only recently emerged. Generally there are many ways you could have been moved into having it which would make PPI statements valid, including:
1) Not being aware of you have it in the first place!
2) The lender slipped it quickly into the discussion so you didn’t listen to it mentioned clearly
3) You were told it was compulsory to have the lender’s PPI if you wished to obtain credit from them
4) Pre-filled application with boxes ‘helpfully’ ticked
5) The coverage is not what you asked for or arranged to
6) You don’t know your loan was longer than the PAYMENT PROTECTION INSURANCE policy
7) The PAYMENT PROTECTION INSURANCE is a joint plan held in one individual’s name
8) You were students, unemployed or the particular when you were sold the policy yet it doesn’t cover you under these circumstances
9) Will not cover you if you are a singular trader, however, you were told it did 10) No query about existing medical conditions which the policy will not pay out on 11) No discussion about what other cover you may already have
Some of the above are grounds for PPI claims, but it may well not be a fairly easy process. Recently the Financial Intermédiaire complained to the Economic Regulators about lenders immediately rejecting PPI claims as they arrive and being deliberately obstructive. This is despite 89% of all complaints that the Intermédiaire deals with concerning PAYMENT PROTECTION INSURANCE claims having merit and subsequently being upheld.
And so why do lenders take action? Simply to try and make the process as difficult as possible which means you will give up on your PPI claim. Many people would give up after the third or fourth letter from the lender refusing to discuss a complaint or simply just rejecting the PPI claim as having no basis. In fact, sometimes the lenders don’t even bother reacting to your PPI state letters and completely disregard you! You will need to develop a thick skin, be very persistent and see the task through to the end, even though it can take several months.