Reclaim PPI On Personal Loans
The lending boom brought with it a chance for the UK’s banks, building societies and other credit providers to make monster profits from their customer base. Personal loans were easy to sell at the time, because this was a period in which obtaining credit was seen as a way of buying things right now, without having to save up for months or even years.
One quick call was all it took to get thousands of pounds transferred into your bank account within a day or two. After that, you could head off to the furniture stores, the car showrooms or even the travel agents. Buying now and paying later became the norm for millions of people, and in truth the lenders loved everything about it, especially the big fat PPI policy that was attached to the loan itself.
People in general weren’t used to having so much easy credit, so when they were offered an add-on that was purported to give them some form of protection, they usually snapped it up. We all know now, of course, that PPI was often of little or no use to the borrower, despite the fact that it cost a significant sum of money. We were paying for peace of mind that we simply didn’t get.
Lenders used ever more aggressive techniques to sell Payment Protection Insurance along with their personal loans. The rare customers that said they didn’t want PPI were often passed on to a branch manager or even an area manager for yet more of the hard sell, and in many cases they were soon signing on the dotted line just like everyone else.
PPI policies were enthusiastically sold to just about anyone
For the loan providers, that PPI policy brought in a tidy little sum of money each time. Sales teams rarely needed much in the way of training because policies were sold on a one size fits all model and the commissions were huge. Many banks and building societies evolved into hard-bitten, target-driven monsters that were unrecognisable from their former rather benevolent selves.
As more and more consumers sought personal loans to add to their previous borrowing, often to enable them to consolidate their existing debts, the income from PPI policies went through the roof. Looking back now, it seems the dreaded credit crunch that came along was somehow inevitable. Once that happened, millions of people were left with nothing but struggle.
The financial sector has had to set aside billions of pounds to pay compensation claims in relation to PPI, and we feel it’s quite right for them to do so. Banks, building societies and loan providers indulged in some extremely underhand tactics to push PPI policies on their customers, often without seeming to care whether the policies themselves were of any use at all.
The drive to earn more and more clouded their need to look after their customers’ interests. No wonder some of the more familiar names in high street banking have been castigated in the media and punished by the authorities. The PPI scandal was exactly that, a scandal of industrial proportions that should never have been allowed to happen at all.
Deadline day is coming soon, so let’s get moving on this
For anyone who’s been wondering whether to seek compensation or not, the time has come to make a decision. The PPI deadline day is fast approaching, and once it has come and gone it will be too late to do anything about it. The good news is that experienced, knowledgeable specialists can help to guide you through the initial process before mounting a robust and tenacious claim on your behalf.
Here at Beat the Banks, we’re proud of the fact that our team features several men and women with many years of working in the banking sector under their belts. We have seen first hand just how many once-trusted financial powerhouses made profits their number one priority, and in some cases how they’ve done all they could to avoid paying out as much as they should have.
If you had a personal loan in the 1980s, 1990s or 2000s, there’s a good chance that you had PPI as well. Those offering PPI with personal loans included famous high street names such as Barclays, NatWest, Lloyds, Abbey National, Halifax, Clydesdale and many, many more. At the time, it seemed everyone wanted to book a ticket for the gravy train that the mis-selling of Personal Protection Insurance offered.
Beat the Banks can help you finally achieve the justice you deserve. One call to 0800 193 1234 is all you need to get started, and we can take things from there. There isn’t much time left before deadline day, so make sure you call soon. We’re looking forward to hearing from you.