Friday, 5 November 2010

A warning from Simonne about Payment Protection Insurance

Taken out a credit card, loan or mortgage recently?
Then there's a chance you've been sold payment protection insurance (PPI).

The insurance is designed to cover payments for a year or two if you're unable to work due to accident, sickness or unemployment. But it was widely mis-sold over the past 6 years. 
In fact there have been over a million mis-sellling complaints to date.
If you've bought a policy directly from your lender, at best you've paid an over-the-top-price for the insurance. At worst, it's possible they won't even pay out on a claim (for example, if you're self-employed).
Think you may be been mis-sold? Then act now. Because new rules about the way banks deal with PPI are being challenged by the courts. Like the ability to reclaim unfair bank charges, the courts may decide to put claims on hold.
 But for now it's still possible to claim compensation - so make sure you get your complaint in quickly.
The Consumer Association, Which?, tell you all you need to know on how to claim your PPI money back. Just click here  for more information. 
Simonne Gnessen

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