PPI is sold alongside credit agreements such as, car finance,credit cards,loans,mortgages and any other form of credit. It is designed to cover a persons credit repayments in the event of injury, redundancy or sickness. Now this seems like a very useful product to have, and yes it is when sold correctly. However, banks have massively mis sold PPI to consumers over the last 20 years.

Often informing customers that PPI was compulsory, when infact it is optional. Customers were also informed that PPI would have a baring on the outcome of a credit application, when infact it would not.

Also banks would not explain the full premium amounts, terms and conditions or when you would be covered for if you were to ever make a claim.

Explaining the Terms and Conditions is a very integral part of selling the PPI to any customers, as they should know at any point what they would or would not be covered for if they were to make a claim.

These are all reasons why PPI has been mis sold to consumers, but the big question is, how long does it take to make a claim?.

Banks after the Judicial Review in April 2011, were given 16 weeks to deal with any PPI complaint made. This was then reduced to 12 weeks, and is now back down to 8 weeks again.

However, once banks have given you their final decision, they are taking just as much time to pay out if your claim has been successful.

Until there is a set procedure in place to make sure that payments are made days after receiving the final response, there will be no way of keeping track of when your case will be paid out, you just have to hope it will be sooner rather than later.

Payment Protection Insurance(PPI)came to the fore in April 2011 when courts ruled against banks in an important win for consumers and a massive loss for banks in the UK. Banks had to set aside huge sums (£9 billion) to deal with the amount of complaints they would receive.

However, with no real set method of paying out to consumers, banks are often informing customers that they do not know what date they are up to for redressing customers, and that there is no way of telling when they will be paid out.

This is all too vague and consumers are finding that banks are yes paying out, however are taking liberties with paying out on PPI cases.

PPI stands for Payment Protection Insurance and is designed to cover your monthly credit repayments in the event of injury, redundancy and sickness. Now this sounds like a very useful product, however many UK consumers do not know they were even paying PPI and were also informed that PPI was compulsory, even though PPI is completely optional. Some consumers were also informed that without the PPI you would not gain the credit agreement, now this is completely false as PPI does not have any influence over a persons credit application.

Many people were not informed of the terms and conditions and what they could and could not claim on. All these points are very important as when you buy a PPI policy you should be fully aware of all exclusions of payout.

PPI is sold alongside credit agreements such as Car finance, credit cards, loans and mortgages, so if you have had a credit agreement in the last 10 years then it is more than likely you will have either been offered PPI or sold it alongside your credit agreement.

Have a check through your paperwork, it could be worth £1000′s and takes 8 weeks to settle cases.

Payment Protection Insurance (PPI) is designed to cover a persons credit agreement repayments, in the event of Injury, Redundancy or sickness. However, banks often forced PPI on its customers, informing them that PPI was compulsory and that without it no credit agreement would be given.

This is false as no PPI policy has a effect on a credit application and therefore bansk were mis selling PPI on a vast scale to all it’s customers.

Therefore, if you have had a credit agreement ( credit card, loan, mortgage, store card) in the last 10 years, then it is more than likely you will have been either offered PPI or sold it, and could be owed £1000′s in repayments and compensation.

PPI is often around 25% of the total value of the loan amount borrowed, and this will then be added to the interest of the loan, increasing the overall debt by up to as much as 50%.

It is always worth while checking to see if you were sold PPI and if you are owed £1000′s in repayments and compensation.

It has come to light that millions of people have been mis-sold insurance with their loans which includes credit cards, HP, and mortgages. Its one thing for banks and insuance companies to make bumper profits from trading floors we don’t really understand… but its an entirely different matter when the profits come from selling costly insurance to people who often dont know they are getting it and/or were told they had to have it and the icing on the cake is that if the claim on their policy they will not get a penny….

If you have had a credit agreement in the last 10 years, then it is more than likely you will have been sold PPI and you could be entitled to £1000′s in repayments and compensation.

Lloyds TSB set aside £4 billion to deal with PPI redresses and people have to realise that each claim they put in can be worth £1000′s.

Give Reclaims UK a call today to see if you have a claim.