MIS-SOLD PAYMENT PROTECTION INSURANCE

MIS-SOLD PAYMENT PROTECTION INSURANCE

November 2, 2017

 

So far the banks have paid out an astonishing £40bn to the consumers who were Mis-Sold PPI till this date, Barclays alone are setting aside another £600m just for the claims, Lloyds bank paying £20bn alone

 

WHAT IS PPI?

 

Payment Protection Insurance (PPI) is an insurance policy that was intended to protect the consumer in the event they had been made redundant or could not work because of a sickness or illness.

 

Millions of these policies were sold throughout the UK. It was created with the intentions of offering an insurance policy to allow the consumer to protect themselves from loss of income when an unforeseeable event such as a sickness that prevented them from working or redundancy from affecting the consumers' ability to service the debt once they had lost their primary source of income.

 

The consumer would then be able to claim under the PPI policy and the policy would pay the debt for an agreed period of time.

 

HOW IS IT MIS-SOLD?​


Consumers were sold PPI policies that they would not need or which were not suitable for them as they were either ineligible to benefit from the policies sold to them or based upon the circumstances of the consumer it was not reasonable for them to ever obtain the policies.

 

Some of these PPI policies were so expensive that they could even cost up to 45% of the sum initially borrowed, this was because the bank would sell this policy at a price to the consumer and then add it to the debt. As the cost of the policy was added to the debt it would attract interest payments too. 

 

It is very quick to check if you have been Mis-Sold PPI

 

- Apply with us

- Simply fill in your details

- Leave the rest to us!

 

 

 

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IronStone Legal is a trading name of Demirtas Finance Ltd, Registered in England and Wales number 07975646.
Demirtas Finance Ltd is authorised and regulated by the Financial Conduct Authority as a claims management company, Interim Permission Number 838139. 
Regulated by the Information Commissioners Office in Respect of the Data Protection Act 2018 number: Z3119423

*Fees may apply for cancellations outside of the 14 day cooling off period, calculated on an amount of work completed basis as stated in our TCs. No cancellation fees payable by you if you cancel within the 14 day cooling off period.

± Before any deduction for 182 claims resolved 6 months prior to 14/02/2018.