Learn About UK PPI Claims, Large Sums Still Unclaimed From High Street Building Societies PDF Print E-mail
Written by David Sparks   
Thursday, 23 September 2010 20:43
This brief article explains about making PPI claims in the UK. In recent years approximately 20 million PPI policies (Payment Protection Insurance) were sold in the UK by the banks and credit card companies. Unfortunately, the banks often sold these policies in inappropriate circumstances. Some customers had no need for PPI insurance, others were sold the insurance without any proper explanation, and yet more had the insurance premium added to their loan repayments without their knowledge. The banks and other financial institutions are now paying compensation to victims of PPI mis-selling. Any customer who thinks they may have a claim can contact a specialist claims company for an assessment of their case.
by DavidSparks


This brief article explains about making PPI claims in the UK. In recent years approximately 20 million PPI policies (Payment Protection Insurance) were sold in the UK by the banks and credit card companies. Unfortunately, the banks often sold these policies in inappropriate circumstances. Some customers had no need for PPI insurance, others were sold the insurance without any proper explanation, and yet more had the insurance premium added to their loan repayments without their knowledge. The banks and other financial institutions are now paying compensation to victims of PPI mis-selling. Any customer who thinks they may have a claim can contact a specialist claims company for an assessment of their case.

In the last few years most of the UK major banks, building societies, credit card lenders, and other institutions, sold PPI insurance policies to customers who were taking out a personal loan, a credit card agreement, or a hire purchase agreement. Many major high street names, such as HSBC, NatWest, RBS, and many others, sold these policies. Many people entered into loan agreements without being made properly aware that they were paying for this insurance.

In other cases, PPI insurance was sold to individuals who would never be eligible to make a claim. As an example, insurance against unemployment was sold to pensioners, and the self employed.

Other classes of people, such as nurses, policeman, and teachers, are already protected by quite good sickness benefits from their employer, and therefore had no need for the sickness protection provided under the PPI policy.

Finally, there were cases, where the insurance premium was added into the loan amount. The customer then had to pay interest on the the insurance, as well as on the loan.

The banks and financial institutions which have been guilty of PPI mis-selling are liable to pay compensation to anyone who has a valid claim against them. It is possible for any individual to make a claim on his own, and there is plenty of information available in specialist financial magazines, and on the Internet to allow anyone to do this.

For those who do not want to go it alone, there are many specialist companies working in the PPI claims field. These can help with an initial assessment of whether the customer has a valid claim, and by their in depth knowledge of the proper procedures to follow. A PPI claims company spokesman stated his company had already recovered 40,000,000 pounds for its customers.

The same spokesman estimated that that barely 10% of those eligible to claim had in fact done so. Many people did not realize that they had been affected, and others felt that the claims process would be difficult and complicated.

If you think that you may have been a victim of PPI may selling, it will probably be worth your while to contact a PPI claims company. The company will be able to assess your case, and if you have a justified case they will help you make your claim.

DISCLAIMER: This article is provided as information only and is not to be taken as financial advice.

Many policies are eligible for payment protection insurance claims because of unnecessary marketing to customers of UK banks. For assistance to claim back PPI payments, you should seek legal representation from a qualified firm.