Martin Lewis On PPI
Martin Lewis on PPI. Everyone who’s got or had a loan or credit card over the past few
years, immediately check whether you’ve been mis-sold insurance: you may be able to reclaim thousands of
pounds.
 That’s because the Payment Protection Insurance (PPI) that’s flogged alongside
loans has been systematically mis-sold by many companies.
Why is mis selling so common?
PPI is hugely profitable. On a £5,000 loan, while the interest may be £1,000, the insurance could be £1,500… and
sometimes as few as one in 10 policies ever pays out. It’s no surprise a chunk of some bank staff’s salaries can
depend on how much they sell.
Is PPI bad?
Martin Lewis on PPI the companies who
mis-sold
Not for those who need it. But there are two problems.
First, when it’s sold with loans it costs up to five times as much as from a standalone insurer. So if you already
have it on a loan, you may be able to cancel, switch and save a bomb.
Plus there’s the fact many people have been sold policies that aren’t suitable for them, and that’s the reason you
can reclaim.
What counts is what you were told when you were sold the insurance. You may have a claim if…
- You were told it’s compulsory. If you were told you had to get insurance with the loan or just told here’s a
“fully protected” loan without telling you what the insurance was or checking it was appropriate.
- You’re self-employed. If you were self-employed, unemployed or retired when you took the loan and the policy
included unemployment cover, it may be worthless.
- You have pre-existing medical conditions. These are usually excluded. If you weren’t told that, you were probably
mis-sold.
If you feel that you have been mis-sold PPI then the banks have set aside over £12bn to
compensate those like you who are owed. This is the mis-selling scandal that will not go away and if you have been
mis-sold by your bank you owe it to yourself to claim your money back. If you need the help of an ethical and cost
effective claims management service in your corner then please complete the form on the right hand side of this
page to arrange a free no obligation assessment with one of our advisors.
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