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Payment Protection Insurance definition
Payment Protection Insurance (PPI) is generally sold with credit cards and loans to cover the consumer of the financial burden in case they are unable to repay due to accident, sickness or unexpected unemployment. PPI is also sold with mortgages, and covers for similar insurance. It can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection.
Financial Ombudsman definition
The financial ombudsman service is an independent statutory body established by parliament as a financial expert to settle individual complaints between consumers and any businesses providing financial services. It is a free service used where the consumers are unable to resolve by issues on their own.
Over the past 2 years the mis-selling of Payment Protection Insurance (PPI) has been highlighted in the media by various consumer groups and watch dogs. This has given the PPI industry a bad name resulting in many banks removing PPI as an option for their loans and credit agreements. But not having PPI could mean you may lose out, especially in an unstable economy.
Complaints of Mis sold PPI reach record highs as Banks slow down progress
This year has seen a huge increase in the number of complaints for mis-sold PPI reaching record highs. However, banks and financial institutions are dragging their feet to prevent paying back what is legally owed to the consumer.
Zeus bug a bigger scandal than mis sold PPI
Lately mis sold PPI has dominated the banking world as many banks have been found guilty of mis selling Payment Protection Insurance. However, now a new baddie is in town and this virus called Zeus has stormed through internet banking pilfering money from innocent user’s accounts.
Biggest payout for Mis sold PPI may go to Pensioners
Pensioners from Watford who were mis-sold PPI (payment protection insurance) are looking at a potential payout of over £21,000 which will include interest on the £6000 they had paid into a policy covering them for a credit card they had taken out.
When choosing a company to help you claim back the money you may be owed from mis-sold PPI it is important to use someone who is knowledgeable about the legal process and won’t charge you lots of money for unsuccessful PPI claims.
If you have taken out PPI (Payment Protection Insurance) on any loans or credit cards in the last 6-10 years, then you may be eligible for a claim. PPI is sold by credit card and loan companies to cover your [...]
Mis sold PPI (Payment Protection Insurance) is an insurance premium added to your credit card and loan repayments without your knowledge, full understanding, or if you were exempt from receiving the cover. Find out more about this below. No knowledge [...]
FSA Fine Capital One for Failing to Protect its Customers
The Financial Services Authority (FSA) fined UK credit card provider Capital One £175,000 for failing to adequately protect its customers against the risk of being mis-sold PPI (payment protection insurance) with its cards.