What were the results of the Competition Commission PPI study?
In many cases, according to the Competition Commission, PPI is
mis-sold.
PPI is a loan insurance policy which is supposed to ensure you
can keep up repayments even if you should suffer loss of income -
but when it is mis-sold, your policy may never pay out. It was
found that this was mostly down to greedy lending institutions
using high pressure sales tactics in order to make even more profit
from unsuspecting customers.
In January 2009, the Competition Commission attempted to stop
the selling of PPI at point-of-sale - essentially ensuring that
consumers would have a chance to research into the insurance and
shop around to see if it was available for less elsewhere.
However, financial institutions challenged this, and in October
2009 the Competition Commission was told it had to reconsider the
restrictions it wished to place on PPI.
So there's still minimal protection for consumers against
mis-sold PPI. But even though the Competition Commission lost their
case, you can still claim compensation if you were mis-sold
PPI.
That's where Claims
Financial can help. The banks are good at legal wrangling to
avoid paying out - but we've taken them on time and time again and
won thousands of cases for delighted customers.
To submit your claim for our NO WIN NO FEE service, just enter
your details in the adjacent box, and set the wheels in motion for
mis-sold PPI compensation.
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010