PPI can seem like a complex product, but in-fact it’s very simple. PPI stands for Payment Protection Insurance. This insurance was an optional ‘add-on’ initially created to cover holders of these policies if they were unable to meet their monthly repayments due to sickness, injury or redundancy.
The types of financial products that would of potentially have had PPI added to include:
Research conducted in the late nineties suggested that:
- Over 2 million people had been paying for PPI policies that they had absolutely zero chance of being able to claim on, you could be one of them.
- 1.3 million people were believed to have been sold the insurance on the understanding this was the only way they could be approved for a line of credit – which is of course false.
- In a shocking number of cases PPI was added onto a customer’s policy without their knowledge or permission. Most customers didn’t notice they were paying for a policy because the PPI payments were hidden within the regular loan payments.
By 2008, 20 million PPI policies existed in the UK that’s nearly 1 in 3 of the 2008 population.
We have been helping customers retrieve what has been rightfully owed to them since 2007, during this period we’ve successfully processed over 169,000 successful claims and returned over £274 million to our customers.
The big five banks have paid out £24bn in compensation so far and have set aside a further £32.6bn to deal with the estimated claims that will come forward before the deadline of 29th August 2019.
Recent figures show that just 6 out of 10 claims that are made without the help of a company like us are rejected, either because the claimant hasn’t got access to the required information or because they haven’t got the experience of dealing with these kinds of processes.
You may not have all the required paper work or account details available to you, this is the case for many people, but all is not lost. PPI.co.uk has been helping customers to get refunds for what is rightfully theirs for years. Because of the name we have built in the industry we have brokered a deal with all the major banks and lenders, meaning that we’re required to only provide a name, date of birth and address. Once we submit this information to the banks they’re able to access their databases and determine if any PPI was added onto any finance you may have taken out.
People often ask, ‘how much compensation will I get?’ Every PPI policy is different and it very much depends on how long you held the policy for, you may even have multiple policies that you were unaware of.