If you watch TV, listen to the radio or have a home phone then you’ll know all about Payment Protection Insurance or PPI as it’s more commonly known. No doubt you’re inundated with adverts, marketing messages and phone calls about ‘getting back money’ and ‘claiming what’s yours’, but do you actually know what PPI is and why you’re owed a refund?
Very few companies bother to explain how PPI has been mis sold instead focusing on securing your claim and taking their cut. So here at PPIClaimsCalculator.org we’ve decided to not just give you access to your very own PPI claim calculator freephone number but also fill you in on the basics about mis sold PPI and why may be owed money.
PPI was sold alongside loans, credit cards and mortgages from the early 90’s right up to 2010 when it was banned from being sold in this way by the Competition Commission. As a product PPI is not inherently bad, it’s the way in which it’s been sold that has resulted in billions of refund money being set aside by banks, in turn ensuring that PPI claims calculation services became more popular.
Here’s what went wrong with PPI:
PPI was a very lucrative bolt-on product for banks, lenders and insurers with related profits across the industry reaching up to £4.3 billion per year. With potential refund figures that huge you can see why we need a PPI claims calculator! Because of the high profit margins, sales staff were incentivised to sell as many policies as possible. This lead to around 2 million PPI polices being included in loans without the customer either knowing it, wanting it or understanding the costs and cover limitations.
As a result of ‘sales at any cost’ many people are now finding that they were mis sold a policy and can reclaim all of the payments they made towards the cover. This is where a PPI claims calculator comes in very handy.