HFC have been fined a record £1,000,000 for failings over PPI
Payment Protection Insurance (PPI) is normally sold to customers when taking out a loan promising that payments will be paid by the insurance company if the customer is unable to meet the payments due to ill health, unemployment and a number of other reasons, making it appear very attractive.
Millions of people have wasted their money by paying this insurance with very little chance of ever making a claim
Capital One and GEC Capital hav already been fined for mis-selling these policies
Most people cannot make a successful claim on their policy because of clauses that exclude them from claiming.
Premiums for PPI policies can add 13% - 56% to the amount to be repaid on a loan agreement agreement according the Citizens advice's survey (see table opposite)thereby getting people further in to debt rather than helping to prevent it preventing it.
More than £10 billion of policies have been sold and as many as 30 million policy holders may have a claim for compensation - 'the Citizens Advice Bureau.' Major companies such as CAPITAL ONE and LOANS.co.uk already fined for mis-selling. It's an incredibly successful £5bn per year industry with 20 million customers. Consumer watchdogs have called it 'a protection racket' and you may have been a victim - 'BBC Money program.' For every £1 paid as a premium, PPI schemes were paying out just 20p in claims - 'BBC Money program' PPI's have been sold to people who can never qualify for a claim, e.g. retired, unemployed, self-employed. PPI does not come cheap. Premiums can be as much as 56% of the amount loaned.
The truth of the matter is that so many of these policys have been mis-sold, last year the Office of Fair Trading (FSA) declared that there are serious failings with the way PPI is sold.
Click here to see the ReportMillions of people have wasted their money by paying this insurance with very little chance of ever making a claim
Capital One and GEC Capital hav already been fined for mis-selling these policies
Most people cannot make a successful claim on their policy because of clauses that exclude them from claiming.
Premiums for PPI policies can add 13% - 56% to the amount to be repaid on a loan agreement agreement according the Citizens advice's survey (see table opposite)thereby getting people further in to debt rather than helping to prevent it preventing it.
More than £10 billion of policies have been sold and as many as 30 million policy holders may have a claim for compensation - 'the Citizens Advice Bureau.' Major companies such as CAPITAL ONE and LOANS.co.uk already fined for mis-selling. It's an incredibly successful £5bn per year industry with 20 million customers. Consumer watchdogs have called it 'a protection racket' and you may have been a victim - 'BBC Money program.' For every £1 paid as a premium, PPI schemes were paying out just 20p in claims - 'BBC Money program' PPI's have been sold to people who can never qualify for a claim, e.g. retired, unemployed, self-employed. PPI does not come cheap. Premiums can be as much as 56% of the amount loaned.
Our 3 second Quick apply form will send you A Claim pack in the Post
Our 3 second Quick apply form will send you A Claim pack in the Post
Our 3 second Quick apply form will send you A Claim pack in the Post
Our 3 second Quick apply form will send you A Claim pack in the Post
These are figures from the Citizens Advice survey
Loan Type
Loan amount
PPI premium
Premium as a percentage of total loan
Unsecured personal loan
£8,993
£2,217
25%
Unsecured personal loan
£11,000
£5,133
47%
Hire purchase for car
£5,059
£2,157
43%
Hire purchase for care
£6,895
£2,317
34%
If you have a Credit Agreement for anything up to £25,000, the agreement itself may not comply with Consumer Credit Act of 1974 and therefore you may be entitled to make a claim for the amount you owe to be written off.
