Posts Tagged ‘ ppi compensation ’

Payment protection insurance (PPI) is essentially a standalone policy that is handed out to you when you take a loan or credit card with a financial institution. The main function of this policy is to cover your monthly credit card or loan repayments if you suddenly lose your job, become ill or suffer an...
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The policy is meant for the protection of customers who fall gravely ill, are made redundant or are involved in a serious accident, situations that would prevent them from earning an income which would enable them to make repayments on credit cards or loans. With an estimated 20 million PPI policies in the UK critics...
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The Financial Services Compensation Scheme (FSCS) is essentially a body that is concerned with providing assumptions related to claims and funding for the coming financial years. It has recently come out with a forecast that there would probably be an increase in payment protection insurance (PPI) compensation claims in the months to come and...
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Payment protection insurance (PPI) is a policy handed out when you sign a loan or credit card agreement. It is meant to cover your monthly credit card or loan payments if you happen to fall seriously ill, are suddenly unemployed or get into an accident which means you will not be able to cover...
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Previously the City watchdog had given clear indications on the total numbers of PPI customers who were misguided into purchasing the policy. In several speeches on the state of the PPI claims market, Stuart King, Head of Market Intelligence at the FSA, said that payment protection policies have been mis-sold by several dozen financial institutions...
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The Competition Commission revealed in 2008 that the PPI market is being overcharged by £1.4bn per year. Since there is a distinct lack of competition in the areas of PPI, it said there is a clear lack of options for the end-customer. The FSA had earlier published several reports on the PPI market while several...
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In October 2006 the Office of Fair Trading (OFT) estimated there was currently 20 million PPI policies in force, with a further seven million being sold each year. Profits on these policies are believed to be in the region of £5bn, not an insignificant amount. Statistically only 20% of the capital collected in premiums is...
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In a recent survey carried out by the FSA, 13% of people believed having PPI on their credit card was compulsory or that their application was more likely to be accepted if they had PPI to back them up. The Competition Commission believes that only 11% of PPI claims on credit cards are actually paid...
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Payment Protection Insurance (PPI) may not be a familiar to you by its name but chances are that to some stage you have spent money in order to fund it.  It is also known as Credit Protection Insurance and Loan Repayment Insurance.  However it is not to be confused with Income Protection or Credit...
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The Payment Protection Insurance market is full of intriogue and tales of mis-sold PPI policies which have left customers in the lurch. But now the consumer can seek advice from the Financial Services Authority (FSA). Information, data, tables and examples are now available on the FSA website to help consumers compare the options open to...
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