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What is PPI

Payment Protection Insurance

Payment Protection Insurance (PPI) is a phrase we’ve heard a great many times over the years, but what exactly is it? Basically, PPI was offered by banks and credit providers with great gusto from the early 1980s onwards. It was sold to consumers as a form of insurance that would help to protect them in circumstances such as the loss of a job or perhaps a long-term illness.

A variety of financial products came to be accompanied by the offer of PPI, including mortgages, loans, credit cards, store cards and overdrafts. Many were offered as a lump sum that was added to the loan itself, while in other cases it was based on a monthly payment. Needless to say, many consumers signed up to PPI because it only represented a relatively small outlay and of course because it offered a degree of protection against an uncertain future.

PPI policies were easy to sell at the time, in part because consumers saw them as a genuine safety net against unexpected events. The policies themselves were generally on a ‘one size fits all’ basis, so the exact same policies were sold to people of all ages, all backgrounds and all financial statuses. For the providers, this meant they were easy to sell, and cheap because it wasn’t necessary to offer staff much in the way of costly intensive training courses.

And, most important of all for the providers, the profit margins were huge. Commissions were extremely generous, and as a result PPI was sold with a high degree of enthusiasm. Many people and organisations made a great deal of money selling these policies before the sale of single premium PPI products was banned by the FSA in 2009.

A scatter gun approach that led to vast profits

By that time, of course, many millions of consumers had purchased policies that in many cases were unnecessary, overly expensive and in some instances weren’t even relevant to their circumstances. The year before the sales ban, it was estimated that more than 20 million PPI were in existence in the UK. For many of the providers, selling a packaged product on a seemingly scatter gun approach to as many customers as possible had been extremely rewarding.

Perhaps inevitably, things had to change. It became apparent that many of these policies had been mis-sold, and the result was a rapidly increasing number of compensation claims. Well over £30 billion has been paid out so far, and there are some in the industry who feel this is nowhere near the full amount as yet.

The clock is ticking on PPI claims now, with a deadline of August 2019 fast approaching. There are still many people who are victims of mis-selling, and they need to come forward soon before the door closes. These individuals may be able to claim compensation for the mis-selling, but they need to start the ball rolling soon.

Here at Beat the Banks, we have handled a significant number of successful compensation claims for mis-sold PPI, and we can make the process simple and stress-free for you. One call to 0800 193 1234 is all that’s needed to make a start, and our knowledgeable, friendly team will keep you informed right from the beginning.

When the door closes in August 2019, those who may have been due compensation and didn’t claim will no longer be able to see if they had a valid case. The banks and credit providers shouldn’t get away with these cases; the mis-selling of PPI is rightly regarded as a major financial scandal, so make sure you seek the justice you deserve. Talk to Beat the Banks today and let’s work together to right a wrong that perhaps should never have been allowed to happen.

Contact Us Today.

Contact us today to discuss your financial claim for PPI, Mis Sold Mortgages or Pension Transfers. Our team are here to help you, protecting rights and correcting wrongs.

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  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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The PPI deadline has now passed.

 

We can no longer assist you in submitting a PPI claim.