How to calim back your Payment Protection Insurance (PPI)
Ξ December 22nd, 2008 | → 0 Comments | ∇ General | 
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The banking fiasco continues, not satisfied with over charging people for their bank charges the banks are now been fined for miss selling Payment protcetion Insurance (PPI).
Egg the Internet bank are the latest of the 20 Financial institutions to be fined for their aggresive selling of payment protection insurnace. The FSA has fined them £172,000 for failing to adhere to the regulations regarding the selling of PPI. During the investigation the FAS found that over 40% of Eggs customers were actually advised to take out the insurance even though they were only regulated to provide these products on an information only basis.
Sales staff at Egg were directed to use hard sell tactics on customers who did not take out the product. This was directly against their level of regulation. The FSA estimate that if all Eggs customers requested a refund then it would cost the bank over £10 million.
These PPI products have been very lucartive for the companise selling them as many people have found to their caost that when it came to the crunch and they tried to make a claim only 4% were actually paid out.
The products were designed to cover payments for Loans, Credit cards, car finance and Catalogue purchases if the customer lost their job through redundancy, sickness or an accident. Sadly many people did try to calim but found that the policies are writen in such a way that the vast majority of claims have been turned down.
There is a simple solution, you can claim all your payments back. Take a look at the criteria here and see if you are due a lump sum back from a practically worthless policy.
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