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The global economic slowdown over the last two years has caused many a high street bank some heavy losses. There is some further bad news for our high Street banks as they look towards a lost source of revenue as regulator, the Competition Commission, insist they will still press on with their desire to ban Payment Protection Insurance (PPI) at the point of sale.
Payment protection is insurance designed to cover the cost of any loan you may have taken out in the event you cannot make the repayments, due to illness or injury. The idea in itself is a good one, as if you fall ill and cannot work then for example you are safe in the knowledge your mortgage would be paid by the PPI you have.
The problem with PPI is that the majority of people ’sold’ PPI where never actually told they were being sold it. And if they were told, they were miss-lead into thinking it was something different. So, thousands of the UK population where forking out money for an insurance package that they either did not need, they did not want or ask for, or an insurance package that was of no use to them and would never pay out in the event of a claim.
PPI is a lucrative business for the company selling the product. It’s estimated that it brings 4 billion pounds annually to financial institutions.
Recently the Competition Commission has stated that it will no longer allow the sale of PPI products alongside the sale of other financial products such as loans, credit cards and mortgages. And on top of that millions of PPI customers are claiming back money they have unnecessarily paid out, to the tune of 177 million in the first 11 months of 2009.
The decision by the Competition Commission should put an end to the miselling scandal and open up the market place allowing a greater degree of clarity for customers.
There are many PPI Claim experts out there to help you claim back your PPI, contact Donns LLP to help withPPI Claims and for the best advice
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Tags: bank, claims, credit, insurance, loan, mortgage, payment protection, PPI