PPI (payment protection insurance) has been pushed mercilessly alongside loans for the past 15 years. The lenders nearly always make more from the sale of PPI than from the loan itself.
As an example, in 2002 Barclays Bank sold £360 million of PPI alongside loans. Their profit from that was over £280 million. They are not alone. ALL lenders have saddled their customers with this insurance to produce bumper profits.
Thankfully the sale of these policies was banned in May 2009. Relentless pressure from consumer groups, the Citizens Advice Bureau, television gurus and mainstream media has forced both the FSA and the government to ban the practice.
This now means that anyone with one of these policies is entitled to reclaim their money in full with interest and compensation added in.
We offer the only ethical, FREE service in the country, for the recovery of this money with no upfront charges and no reductions from the money awarded to the client. By following full legal process our solicitors can levy full costs against the lender.
There are an estimated 20 million PPI policies in force. We can also recover premiums going back over 6 years. This puts another 80 million policies up for challenge.
Our common aim must be to reach as many of the people who hold these policies as quickly as possible. Before the lenders look to change legislation which will cheat millions out of the money they are due.