Payment Protection Insurance (PPI)

Payment Protection Insurance is also known as PPI or loan insurance.  You are often expected to take out PPI at the same time as credit cards, mortgages or loans.

Whilst PPI is meant as a lifesaver for people, the vast majority of consumers are mis-sold the policy.  It should cover you if you are unable to make repayments due to unforeseen circumstances such as illness, unemployment or an accident.  Unfortunately, the chances of making a successful claim are very slim.

The Office of Fair Trading (OFT) released a damning report in late 2006 into PPI stressing problems such as the complexity of the cover, high commission rates for the seller and the low rates of successful compensation.  PPI has been described as an even bigger scam than bank charges.  According to government statistics only 4% of people make a claim on their PPI policies and one in four claimants are refused due to exclusions and administrative barriers.

What is more worrying is that you may have PPI and not even know about it.  It is a known fact that some lenders will include PPI in the quotes they give for monthly repayments without even telling customers.  Or applicants are told they cannot take out a loan or credit card without the insurance.

PPI is big business.  It is estimated that there are currently 20 million policies in operation making insurance companies around £5 billion in excess.  These policies can add anything from 13% to 56% of the total amount repayable (CAB research).

When taking out a policy applicants are supposed to answer a list of questions, similar to getting a car insured, in order to ‘fact find’.  This is designed to establish a risk factor to the insurance company and to see if the policy is appropriate for the applicant.  It is common for applicants to be asked if they would like to ‘be covered’ and that’s all.

If you fall into one of these categories then you were mis-sold PPI:

• Are/were you self-employed, unemployed, redundant or retired?
• Have you had medical issues in the past?
• Has your provider already been fined for mis-selling?
• Were you sold ‘single premium’ loan policy?
• Were you given the full details of the insurance?
• Did your lender forget to advise you that you could take an alternative PPI cover elsewhere?
• Did you know you had taken out PPI or were you told PPI was compulsory?

We at Total Justice have the expertise in helping to recover these mis-sold insurance policies and we want to help you.  Many people think reclaiming their charges is a simple process.  However, you have to keep pressing the lender/ company to recover their money or you could end up settling for a very small percentage “as a gesture of good will”.  We understand not everyone has the time, money and effort to see their claim through.  This is why Total Justice Ltd has launched this service to get you your money back.

At Total Justice we pride ourselves in offering a truly professional and personal service to all our clients. The Total Justice Reclaim packs will provide you with the tools to get the ball rolling.  All we charge is a small administration fee of £149.95 as well as 25%* at the end of your claim.  To start your claim today ring us on 0845 116 6116 or apply online.