PAYMENT PROTECTION INSURANCE (PPI) CLAIMANTS BLINDED BY BANKING SCIENCE.

TOTAL-RECLAIM

PRESS RELEASE

January 28, 2010.

PAYMENT PROTECTION INSURANCE (PPI) CLAIMANTS BLINDED BY BANKING SCIENCE.

Millions of families are being blinded by banking science as finance houses use their muscle to scare off individuals trying to reclaim mis-sold Payment Protection Insurance (PPI) premiums.

Payment Protection Insurance (PPI) premiums recovery specialist Total-Reclaim says individuals pursuing claims for repayment of mis-sold PPI are scared off by an intimidating and jargon-filled letters from the banks, lenders and credit card companies, despite valid claims.

“The problem is that the banks are wise to the online DIY PPI reclaim methods individuals are recommended to follow, so they’re all geared up when the claim comes in from an individual. Basically, they dismiss it with a confusing finance-language letter,” said Daryl Vickers, Director, Total Reclaim (www.total-reclaim.net).

“In most cases, the claimant, making what is perhaps a once-in-a-lifetime claim, takes the letter on face value and gives up at their first attempt. But what they don’t realise is that the banks and loan companies will, as a matter of course, refuse to admit to mis-selling three or four times before caving in.

“The do-it-yourself option is obviously the first route to be considered, but people sometimes understandably don’t want to go through the process themselves, or it may be that they have tried and failed, and actually need professional help to drive their claim through.

“Yes, the legitimate PPI reclaim businesses do charge a fee for recovery – and it should never be charged up-front - but there’s a much stronger likelihood of recovery, plus the consideration that an individual pursuing the matter privately may get absolutely nowhere for months while still paying the PPI premiums, while a reclaim specialist will usually turn a claim round in a matter of weeks.”

For example, a typical four-year £10,000 loan from a high street lender may involve additional monthly PPI premiums totalling £2,000 over the duration of the loan. An individual may spend nine months getting nowhere, still pay the £40-a-month PPI premium – losing £360 in the process – whereas a reclaims specialist with the right legal and financial expertise could turn the claim round in weeks and charge £300.

“The benefit is not just the repayment of the mis-sold PPI, but a lower monthly loan repayment ongoing, plus an industry-regulated 8% compensation on top,” said Daryl Vickers, who estimates at least five million families have been mis-sold PPI.

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

“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 £1,800 - 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
http://www.total-reclaim.net/