How to Find Old Account Numbers for PPI Claims
If you are struggling with how to find old account numbers for ppi claims we can help, we have enabled hundreds of our customers to reclaim all their mis-sold PPI without the need for any original paperwork or the account numbers. In many cases we have discovered and recovered mis-sold PPI on loans and credit agreements that the customer had forgotten about. We are experts in claiming back far further than the usual 6 years and in some cases have been able to claim back as much as 25 years worth of mis-selling.
Payment protection insurance, or PPI, is a type of insurance designed to cover credit and loan payments. It is typically sold by lenders like banks as part of the credit or loan product. PPI usually covers the payment in the event the borrower is unable to make the payment due to unemployment, illness or injury. These lenders often sell PPI to borrowers who are unable to collect payment protection refunds under any circumstances.
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The current controversy over PPI is due to the rate of rejection for PPI claims, which is significantly higher than that of other types of insurance. This is primarily because customers often buy PPI without determining if they will be eligible to make a claim. Many of these customers are unaware that they have even purchased insurance for their credit product. Lenders typically sell PPI at the same time they sell the primary product.
More than 20 million PPI policies existed in the United Kingdom as of 2008 and about seven million policies are added each year, according to the Policy Assessment Service. About 40 percent of these policyholders say they are unaware they have a PPI policy. Consumer groups such as Which? claim that PPI has been mis-sold on an industrial scale since 2000.
Lenders were highly motivated to sell PPI to their customers because this insurance has a high profit margin, typically 80 percent. This means that PPI routinely earns more money for the lender than the original loan. Many lenders offerd loans at a very low interest rate to attract borrowers, and they frequently provide large commissions to the loan officer who completes these loans. Virtually all of the profit on these sales comes from the PPI.
Some lenders provide their salespeople with scripts that only mention that the loan is protected without informing the borrower of the cost of this protection. The Open University claims that many salespeople also inform borrowers that PPI was mandatory or that it would increase the chances of getting the loan approved. Customers in financial difficulty are unlikely to question these statements.
A customer who unknowingly purchases PPI can file a claim against the lender. The Financial Services Authority has fined several large financial institutions for misrepresenting the sales of PPI. Claims involving PPI comprised 30 percent of the claims made against these institutions for the 2009 to 2010 reporting period, according to the FOS.
The Competition Commission implemented additional rules in October 2011 that are designed to allow consumers to make more informed decisions regarding PPI sales. These rules include a prohibition on selling PPI at the same time as the loan product and a requirement for lenders to conduct an annual review of PPI sales.
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