I’ve spent 20 years generating income for some of the fastest growing financial institutions in the UK and so consider myself one of the best qualified to expose the protection racket that PPI (Payment Protection Insurance) is!!

Did you know that It is has been estimated that £35 billion has been made by the banks over the last 10 years from PPI alone. Though that comes as no surprise when you know that the policies are designed to be extremely poor value for money. In fact, I understand that that just 1 in 5 claims on PPI are successful.

The terms of PPI policies are so tightly drawn that most of the instances where people hope to claim are not covered. Most PPI will not cover you if you are self-employed and cannot work. So, many customers who would be retired either at the time or during the period of cover or were self-employed would not be covered- how on earth can they need cover for redundancy, they certainly could not claim!!

It won’t cover you if you have to stop working because of a medical condition that you did not explain, or were not asked about, when you took the insurance. It won’t cover you if you have to stop work for either stress or back problems – the two most common reasons for people being unable to work. Yet, the lender rarely asked these questions at the time of the sale as it could have stopped the customer wanting to buy!

In the worst cases, already expensive PPI is paid for up front and the money to pay for it is added to the loan you are taking out. This way of selling PPI, known as ‘single premium’, means that you end up paying interest on the cost of the insurance. When customers go to cancel the insurance they are told that it cannot be cancelled without recalculating the entire loan. This is the most profitable way of selling the product and it is a mis-sale if it is not fully explained.

To cap it all off, some firms force customers into buying PPI. They tell customers PPI is compulsory when it isn’t. They have refused to quote the cost of a loan without the insurance attached, so it impossible for customers to truly understand how much it will cost them.

There are even cases where the insurance has been added without the permission of the customer. All of which are mis-selling.

For any one of these reasons a consumer has a right under current legislation to get their premiums back and in some cases interest too, this could amount to many thousands of pounds.

I absolutely support itpaystoclaim.com in its desire to champion you, the consumer, and teach these faceless institutions a lesson.

If you have a legitimate claim then let itpaystoclaim.com help you submit your claim. They will work non-stop to ensure that you get your cash and that the institutions at fault learn their lesson once and for all.