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PPI Latest News

One of the most memorable payment protection insurance news items in recent years was the "super complaint" in which the CAB (Citizens Advice Bureau) criticized lenders for the techniques they used in selling PPI. Some of the common techniques they used were to:

  • sell policies to people who were unemployed
  • sell polices to students who worked less than 16 hours a week
  • let people sign up for PPI with pre-existing medical conditions which automatically would disqualify them from being able to receive coverage for that condition
  • not advise a potential policyholder that having payment protection insurance is optional
  • Not provide policy documentation
  • force them into buying the insurance by telling them that it is necessary in order to receive the loan.

The PPI latest news explains how the BBA (British Banking Association) caved in to the pressure put on them by the consumers and the FSA (Financial Services Authority) to conform to the High Court's review of payment protection guidelines. Policyholders who were burned by the lenders with mis-sold PPI policies and were trying to get a PPI claim were excited to hear this PPI latest news.

Payment Protection Insurance in the Beginning

PPI was intended to be a service marketed towards borrowers who needed extra security to guard against the possibility of being unable to make payments due to loss of work or illness. They wanted to avoid costly penalties which could result in higher interest rates or even defaulting on the loan. At that time, people were reassured at the prospect of thinking that even if they lost their job, become ill or injured that their bills would continue to be paid. Issues arise where the cover is sold to customers who do not need, do not want or cannot use the cover.

Payment Protection Insurance Now

PPI latest news indicates that there's been a increase in the amount of policyholders trying to claim refunds on the payment protection insurance they were mis sold. This increase is up by more than 2000 people from 2009 to 2010. PPI news lets the public know that PPI is an ongoing issue amongst the citizens in the United Kingdom. Finally, PPI latest news indicates that the amount of money that lenders will have to pay to the borrowers has reached over £5 billion and it is estimated that each mis-sold policyholder will receive between £2000 and £2500.

Breaking PPI latest news can be found on a number of claims companies' websites where everything is scrolling almost in real time as it happens. If you are concerned that you have been mis sold PPI and would like to keep in touch with the latest happenings as your claim goes through the process, find a site like Belmont Thornton and visit often to keep abreast of the latest PPI news.

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