Daily Insurance Industry News
Daily Insurance Industry News
Monday 24th of September 2018
March 17, 2009

Which? launches online tool for victims of PPI mis-selling

by Gill Montia

Story link: Which? launches online tool for victims of PPI mis-selling

Which? has launched an online tool to help people who have bought Payment Protection Insurance (PPI) and claim that the insurance was mis-sold.

Which? estimates that up to two million people may have been sold the insurance when they don’t need it or are unable to make a successful claim.

Consumers who believe they fall into these categories can follow the Which? Campaigns link on the watchdog’s website and simply fill in their contact and PPI details along with the answers to some questions about their policy.

The tool then creates a letter tailored to the user’s particular case that can be sent to the PPI provider as an email or printed off and posted.

The recession is likely to increase the instances of PPI mis-selling that come to light as job losses increase and the Financial Ombudsman Service has already reported that it is dealing with over 800 cases a week.

Meanwhile, the Financial Services Authority has banned the sale of single premium PPI alongside an unsecured personal loan, from 29th May.

According to the regulator, some firms will continue to offer regular premium PPI instead of a single premium product.

The latter proves expensive as the premium for the life of the loan is added to the debt and is therefore liable for interest.

According to Which?, adding single premium PPI to a £7,500 five-year loan could cost an additional £2,000 to £3,000.


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