PPI Reclaim Service

Hello! Have't seen you 'round here before! You may want to subscribe to my RSS feed so as to keep up to date with money saving tips and product reviews, or you may wish to view the main Mungo Money website for UK Credit Cards, Personal Loans and Savings Accounts. Thanks for visiting!

There have been a number of developments this year within the financial services market which point to another surge in reclaim requests that industry sources are predicting could be even bigger consumer scandal than ‘unfair’ bank charges - payment protection insurance (PPI).  A good place to find out more information on PPI reclaim would be www.ppireclaimservice.co.uk but to summarise:

Payment protection insurance (PPI) sold with loans has been receiving increased attention over the past couple of years a problem first highlighted by the Consumer Advice Bureau in 2005 for their low claim to premium ratio and the fact that many of the policy holders would not even be eligible to claim.  They passed this information to the Office of Fair Trading, who investigated, with a statements made by the FSA to financial services firms, reminding them to comply with regulation.

Fast forward to 2007 and a number of firms have now been fined by the FSA for miselling PPI, with many analysts predicting up to 10 million people could be affected.  Following the FSA fines, consumer action groups prompted their members into putting their cases for miselling forward, with a number of them being able to claim back 100% of the premiums for PPI that they have paid.  If you’ve had PPI on a loan, looking into the possibility of reclaiming might be a good idea.