Claim Back PPI, British consumers owed £1,000s
Planned compensation claims by up to 70,000 consumers who believe they have been missold payment protection insurance (PPI) may rid the market of rogue sellers, according to CETA.
The insurance network said the poor press received by this section of the loan cover market has unfairly caused mortgage payment protection insurance (MPPI) to also bear the brunt of the adverse publicity.CETA managing director David Quick said: “Figures by MoneySavingExpert.com suggesting that PPI sales generate £5bn in premiums each year, with only 20% paid out in claims, does not help the cause of brokers who have scrupulously avoided overly aggressive or underhand selling tactics.”
“The trouble is many of the guilty parties do not seem to care. With a total of 20 million PPI policies in force, they can easily assimilate a few million pounds in fines or compensation payments. Rather like the financial penalties recently meted out to BP, the banks and building societies can treat it as no more than a small slap on the wrist,” he concluded.
Tags: ppi claim, ppi compensation