By mis selling millions of payment protection insurance policies to unsuspecting customers, lenders have not only duped clients out of billions of pounds, they have also left them financially vulnerable.
According to new research from independent financial advisors, unbiased.co.uk, three people in ten do not have any financial insurance such as income protection, critical illness cover or mortgage payment protection in place, suggesting such products have been tarred with the same brush as payment protection insurance.
After receiving so much negative press, customers are naturally wary of similar products. Such caution though could lead them into dangerous waters especially in the current economic climate.
The controversy around payment protection insurance however was never about the product itself but the manner in which it was sold.
PPI was designed to protect policyholders should they become unable to work either due to redundancy or illness and meet their monthly repayments. However PPI was repeatedly mis sold to customers who didn’t need, couldn’t use or didn’t even know about it and this is where the nationwide controversy stems from.
PPI Return has recovered over £32m in payment protection insurance compensation and could be able to help you too.
To find out if you could make a no win, no fee claim for a mis sold payment protection insurance policy simply complete our online claim form and see if you could be entitled to compensation.