Reclaim Mis Sold PPI On Catalogue Accounts
If you thought PPI was limited to just bank accounts, credit cards and loans, you’d be wrong. During the lending boom, Payment Protection Insurance was seen as something of a cash cow for the financial sector, and it wasn’t long before the industry started to look for more products to add PPI to. A great deal of money was to be made, after all.
There was a time when catalogue shopping was extremely popular, with people all over the UK buying everything from fashion to furniture and everything in between. There was something rather attractive about having the very latest TV delivered to the home and only having to pay for it via a small amount every week for a year or so. In some ways, it almost felt like we weren’t actually paying anything at all.
Of course, we definitely were paying, and paying big. The interest rates on purchases like this were extremely high, so the major catalogue companies enjoyed hefty profits. And when the PPI gravy train came along, they became even heftier. In short, we paid through the nose for the ‘benefits’ of this product, without realising it was of little or no use to the majority of us.
There are a number of famous names in the catalogue industry, including:
• Great Universal
• Shop Direct
• Simply Be
Buy now, pay later…
Having a catalogue account enabled consumers to purchase a variety of products and pay for them in instalments. The temptation of buying like this until you have over-reached yourself was strong, of course, so a significant proportion of customers would soon have high balances on their accounts that inevitably took them a long time to pay off.
Sadly, the higher the balance the more the PPI would cost. Add in the fact that interest rates were often at 30% or more and you can see now that the real cost of those lovely consumer goods was far more than it really needed to be. The Payment Protection Insurance that was supposed to bring peace of mind turned out to be a millstone around the customer’s neck.
Our team of specialists includes men and women who have worked for years in the financial industry. They have a great deal of experience in dealing with the UK’s banks, building societies and credit providers, and we, therefore, know how best to get to the data required for making a PPI compensation claim. Armed with the truth and the whole truth, we then construct a robust and meaningful case.
The financial industry used a great deal of aggression to sell on PPI products that were rarely of much use, and in our opinion, they shouldn’t be allowed to get away with it. Here at Beat the Banks, we are fully committed to providing the very best service to our clients, and we will continue to fight for their rights up until deadline day and beyond.
Call 0800 193 1234 to find out more.