London, UK -- (ReleaseWire) -- 09/20/2012 -- Payment protection insurance is a type of credit insurance purchased to insure consumer loans of all kinds, should a customer not be able to keep up with payments due to unemployment, illness, etc. However, even though the consumer buys the policy, the benefits paid in the end go to the company that sold the policy. It is estimated that about 70% of PPI policies have been mis-sold.
For the past year, PPIClaimsCo.org.uk has been in the press almost non-stop for their exceptional work. In the last 12 months, almost one million complaints were filed with PPI Claims Company against U.K. banks, lenders, and insurers, and, to date, just under £2.1 billion in rewards have been paid to victims. On average, a mis-sold PPI claims payout totals £3,000.
Due to the high amount of recent scams, there are many ways in which consumers could have paid for payment protection insurance. Banks, lenders, and brokers have been known to sell policies without an explanation, sell policies to customers who would never use them, or even over-price policies. Additionally, some sellers would refuse to authorise the borrowing unless the customer took payment protection insurance as well, adding the entire cost of the insurance onto the loan.
The PPI Claims expert, partnered with only the most experienced PPI claims solicitors, has been working with Payment Protection Insurance Claims since 2009. Their policy is that victims only pay a fee—25% and VAT fee—if their case is won. The company treats all clients as more than a statistic by working continuously with them to find all hidden PPI policies.
On an article on their website, PPI Claims Company admits that “knowing whether you have the ability to make PPI claims can be tricky,” but insists that “if you’ve had any kind of borrowing in the last six years, or have finished paying a borrowing off in the last six years, then there’s a chance you could have been paying for a PPI policy.”
The company offers clients a free search to check if they have hidden or mis-sold PPIs. Anyone who needs help can contact PPI Claims Company via phone at 0800 111 6887.
About PPI Claims Company
PPIRefundsUK.co.uk refers potential claimants to an appointed solicitor to pursue their case, and there are many who now specialise in the field of payment protection insurance claims and compensation. PPI Claims Company is a brand name of Oracle Legal Limited. For more information, please visit http://www.ppiclaimsco.org.uk