The PPI Problems
Mis Sold PPI
Not withstanding the fact that financial institutes are governed by clear guidelines when selling PPI policies, the number of missold payment protection insurance is estimated to be in its millions.
Credit Card PPI
In a recent survey by the FSA, 13% of people believed having PPI on their credit card was compulsary or that the application was more likely to be accepted if they had payment protection insurance.
The competition commision believe that only 11% of PPI claims on credit cards are succesfully paid out, realistically this figure can be multiplied several times to come to industry stats.
Huge Profits on Bad Products
In October 2006 the OFT estimated there were currently 20 million PPI policies in force, with a further 7 million being sold each year. Profits on these policies are believed to be in the region of £5bn.
Statistically only 20% of the capital collected in premiums is ever paid out in claims on those policies. Typically insurance policies have a claim rate of between 60 and 80% in other areas of insurance.
£1.4bn In PPI Charges
The competition commision revealed in 2008 that the PPI market is overcharged by £1.4bn per year. Since there is a distinct lack of competition in the areas of PPI, the CC believe the market offers a lack of options for the end customer.
Prior to the the regulator of the finance market, the FSA (financial services authority) published several reports on the market while several high street lenders were fine for the act of misselling PPI.
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PPI Rip Off?
Is Payment Protection Insurance A Rip Off?
Previously the City watchdog gave large indications towards the total numbers of payment protection insurance customers who were misled upon purchasing the policy.
In several speeches regarding the state of the PPI market, Stuart King, head of market intellignece at the FSA, said that payment prtection policies have been missold by several dozen financial institutions for a “prolonged period”.
Also he mentioned that regulators would be proactively seeking out standards and improving upon the way in which the policy is sold.
Were You Missold PPI?
The policy is meant for the protection of customers who fall ill, made redundant or suffer accidental situations that prevent them from earning a salary in order to meet repayments on credit cards or loans.
With an estimated 20 million PPI policies in the UK, critics claim that payment protection insurance is hugely overpriced and dificult to reclaim. This claim has prompted the FSA to clamp down on institutions and lenders that are guilty of mis-selling the protection.
Fines of £1.6 million have been handed out so far, with countless other millions reclaimed by PPI claims companies like iSmart Claims.
‘PPI is and will remain a top priority for us and is one of the largest regulatory investigations we have ever mounted’, Mr King concluded.
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Payment Protection Claims & Compensation
PPI Claims
Payment protection insurance (PPI) is a policy handed out upon agreeing a loan or credit card agreement, the policy is designed to cover your monthly credit card or loan payments if you were to fall ill, unemployed or suffer an accident that resulted in you being unable to cover your repayments
Often the general credit card and loan customer is missold PPI, because of many pressures on the financial institutions a customer can reclaim the PPI charges they have incurred.
Any of these apply to you?:
• You didn’t ask for it, but it was added anyway?
• You were told the insurance was compulsory or that taking it would give you a better chance of getting the loan
• You didn’t know it was optional or that you could buy cheaper PPI cover elsewhere
• You were unemployed, retired, self-employed when you took out the cover
• The policy exclusions were not pointed out to you
If you have a credit card or loan with PPI , you could be owed thousands, start your payment protection claim today!
Have a Look at Our Latest Test…
Have a Look at Our Latest Testimonials! Over 80,000 Clients and Counting http://bit.ly/btOFc0
Latest PPI Testimonials From iSmart
“Thank you for getting back to me iSmart. I do appreciate your help. Out of the several people I have spoken to you are the only company who has helped me reclaim my PPI charges” –Angela
“Thank you so much for your assistance I truly appreciate it.” –Christopher
“Thanks very much iSmart,that’s great. Does the company take any fee if for any reason there is no win? If they do not then I wish to seek your help in reclaiming back my charges.” –J Wilkinson
“Thanks for your time and effort” –K Boyle
“thank you, very very much, I have already left you a message today, but wanted to leave another one” – Robert W
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Are You Owed £2000? Find Out …
Are You Owed £2000? Find Out Online Today! http://bit.ly/9GmF5T
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- owed £2000 (1)
Payment Protection Insurance
PPI Claims
Payment protection insurance (PPI) is a policy handed out upon agreeing a loan or credit card agreement, the policy is designed to cover your monthly credit card or loan payments if you were to fall ill, unemployed or suffer an accident that resulted in you being unable to cover your repayments
Often the general credit card and loan customer is missold PPI, because of many pressures on the financial institutions a customer can reclaim the PPI charges they have incurred.
Any of these apply to you?:
• You didn’t ask for it, but it was added anyway?
• You were told the insurance was compulsory or that taking it would give you a better chance of getting the loan
• You didn’t know it was optional or that you could buy cheaper PPI cover elsewhere
• You were unemployed, retired, self-employed when you took out the cover
• The policy exclusions were not pointed out to you
If you have a credit card or loan with PPI , you could be owed thousands, start your payment protection claim today!
Do You Have A Credit Card Or L…
Do You Have A Credit Card Or Loan? Reclaim On Average £2k From Your Missold PPI! http://bit.ly/bEDvvC
Do You Have Credit Card? Did …
Do You Have Credit Card? Did You Know Your Are Highly Likely To Be Eligible For £2000 In Compensation? http://www.ppi.co.uk For More Information
Was You Missold PPI?
Missold PPI
Payment protection insurance is a policy handed out upon agreeing a loan or credit card agreement with your financial institution, the insurance policy is designed to cover your monthly credit card or loan payments if you were to fall ill, unemployed or suffer an accident that resulted in you being unable to cover your repayment methods.
Any of these apply to you:
• You didn’t ask for PPI, but it was added anyway?
• You were told the payment protection insurance was compulsory or that taking it would give you a better chance of getting the loan
• You didn’t know it was optional or that you could buy cheaper standalone PPI cover elsewhere
• You were unemployed, retired, self-employed when you took out the PPI cover
• The policy exclusions were not pointed out to you at the point of sale
If you have a credit card or loan with PPI , you could be owed thousands, start your PPI claim today!
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