PPI stands for Payment Protection Insurance and is used to protect a loan should the holder stop working, due to redundancy or becoming ill. While PPI may have been suitable for certain loan applicants, the fact that banks tried selling it to everybody, despite their individual circumstances has resulted in millions of pounds worth of fines and the banks refunding customers affected.
PPI was mis-sold so much because it provided the banks with a substantial profit, but because of the limitations in the policy and its high price, they didn’t give customers the information they needed to make a proper decision about whether they wanted the insurance or not.
Hundreds of thousands of people have already secured successful PPI refunds and hundreds of thousands more are still entitled to claim. Due to the huge needs of people who want to make a claim but don’t know how to, claims management firms like Brunel Franklin are available to help. Although customers can make claims themselves, many choose a service provider like Brunel Franklin to do the work.
PPI is likely to remain a dirty word in the financial industry for years to come, but that doesn’t change the fact that some people still want to secure their loan. While PPI may have been a genuinely useful product for some, it is equally true that for most of us there are a whole range of products that are much more beneficial.
The conclusion to the PPI story has been a happy ending for consumers, but it’s also a warning to all of us to think twice when it comes to financial matters. With average pay-outs of more than 2,000, anyone affected should be looking to seek a refund as fair redress.
Sally Bowyer, Managing Director of financial claims specialist BrunelFranklin.com says that the public are slowly becoming wiser to the tactics of mis-selling, but that a lot of the damage is already done: “It is important to realise that we may all unwittingly have taken out PPI during the years when lenders were offering a seemingly endless line of credit in the form of loans and credit cards in particular. It costs nothing to check your paperwork for insurances that you may not even know you are paying for. PPI per se is not a bad product; however the onus is on the vendor to ensure the product is the best for your needs at the time of sale. If the best product for your needs was not offered, or if you were unaware of the true cost, for example, you may have grounds for a refund.”
“We see many cases where people have had agreements in place for some years and have simply paid PPI premiums thinking they did not have any other option. Many people are under the impression that they will not get their loan without PPI, but this is not the case.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.