SO, WHAT IS PPI?
Payment Protection Insurance (PPI) is very big business, with an estimated 20+ million policies in circulation worth £5 billion a year.
PPI can be added to loans, mortgages, credit cards and HP agreements and in theory should cover the monthly repayments if you are unable to work due to an accident, sickness or unemployment. PPI has been proven to be widely mis-sold, is usually overpriced and policy terms and conditions show it would be incredibly difficult to claim against should it be needed.
In some extreme cases PPI has been identified to equate to as much as 53% of the total claim amount. On a £10,000 loan that amounts to £5,400!
Credit Card PPI is normally calculated as a percentage of the total balance so the more you owe the more you pay for PPI. With so many lenders in the market place and each one trying to set themselves apart from another different terminology has been used for PPI. This doesn't fool us for a second and some of the terminology to look out for can be seen below;
- MPPI (Mortgage Payment Protection Ins)
- Premium Protection Insurance
- Accident Sickness and Unemployment Ins
- Accident Sickness and Redundancy Ins
- Premium Protection Insurance
- Income Protection Insurance
- Mortgage Payment Protection
- Mortgage Payment Insurance
- Loan Protection Insurance
- Credit Care Insurance
- Credit Care
At Money Claims we can recover the full cost plus interest if we believe that you have been mis-sold PPI. If your loan is still running we can also look to reduce your ongoing payments as part of our negotiations.
Whilst readying your case Money Claims will seek to identify any other charges such as secret commissions and add them to your claim value and seek to recover the maximum that we feel you are entitled to. On average we achieve offers from lenders within 60 days of submitting a formal claim and we currently have a 100% success rate for PPI claims!
We never charge upfront fees for PPI claims. Upon completion of successful PPI claims a 20% fee including VAT applies. Unsuccessful claims are not subject to any payment at all.
