MIS-SOLD-TO MILLIONS MISS OUT ON NEW YEAR WINDFALL.

TOTAL RECLAIM


PRESS RELEASE



January 11, 2010.



MIS-SOLD-TO MILLIONS MISS OUT ON NEW YEAR WINDFALL.

Millions of hard-up households can stake a claim for a New Year windfall after being mis-sold Payment Protection Insurance (PPI) on loans or finance.

PPI premiums recovery specialist Total Reclaim estimates at least five million families are paying for Payment Protection Insurance mis-sold to them when they took out personal loans, car finance, credit cards or borrowed to carry out home improvements.

And the average windfall for somebody making a successful claim against a bank or finance house would have been £1,800 – although payouts have been much higher.

“Big high street names and huge online or direct-sell finance companies have sold millions of PPI policies to ineligible groups,” said Daryl Vickers, Director, Total Reclaim.

“The issue is that the vast majority do not realise they have been mis-sold PPI, and the fact is that if they tried to make a claim because they could not make a loan payment due to illness, injury, hardship or redundancy, the policy would be void.

“Anyone who is self-employed, retired, a student, works less than 16 hours a week, has certain medical conditions, a dangerous job or is in the armed forces should not be sold PPI – they are unable to make any claim – and yet the banks and lenders continue to mis-sell.”

Around 20 million UK households are paying for Payment Protection Insurance policies, millions of which may well have been mis-sold.

The vast majority of people paying for mis-sold PPI do not realise they can reclaim their payments - the average refund and compensation is £1,600 - and many are still being sold PPI policies against which they could never make a successful claim.

Many have discovered the policy has been added to a loan arrangement without the customer’s agreement, and some have been told they cannot get a loan without taking out PPI.

Total Reclaim is fully approved and authorised by The Ministry of Justice to handle legal reclaims on PPI debt refund.

Ends

Further information:


Iain Macauley/Megan Codling

im@pressrelations.co.uk/mc@pressrelations.co.uk

07788 978800/07795 848586

www.total-reclaim.net