Latest updates
30 October 2008
Loan insurance mis-selling - a PPI reclaiming guide
In the words of Martin Lewis, on his Money Saving Expert website:
"The UK’s biggest protection racket isn’t run by East End
villains with shooters, but the genteel staff of Britain’s
banks. For years they’ve been stealing £1,000s, but now the
door's open to get your money back.
If you’ve got a loan, credit or store card, you urgently need to
check whether they included insurance as part of it. If so,
without realising, you could be paying £1,000s for potentially
worthless cover.
Get your money back.
Payment protection insurance isn’t a bad product. It’s designed
to meet repayments for a year in the event of accident, sickness
or unemployment. The problem's the way it's been flogged.
The misselling has often been systematic, banks forcing staff to
sell these policies or face lower pay. You may’ve been told the
insurance was compulsory... IT ISN’T! That alone counts as
misselling. Plus the self-employed, unemployed, retired, those
with pre-existing conditions, or who are covered elsewhere, have
all commonly been flogged unnecessary policies."
For full details, including how to reclaim, go to
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance