Millions of PPI policies 'missold', says Claims Financial

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Millions of PPI policies 'missold', says Claims Financial

Tue 2nd Jun 2009

The number of people who claim that they have been wrongly sold payment protection insurance (PPI) policies is on the rise, it has been revealed.

According to Claims Financial, partner company of FairInvestment.co.uk, the cases of Brits who believe they have been sold PPI without cause has doubled monthly since January.

This news comes after the Financial Ombudsman Service (FOS) revealed that the number of claims it has received trebled in the last year. The FOS has ruled in favour of the consumer in 89 per cent of these, while Claims Financial has a win rate of almost 100 per cent.

Bearing these statistics in mind, Bradley Askew, managing director at Claims Financial, is urging people to check whether they have purchased PPI unnecessarily.

Consumers should "check all their loans, credit cards and mortgages from the last six years to see whether they have PPI. If they do, there is a high chance they have a claim," he added.

Earlier this year, Zurich pointed out that opting for PPI may not be a realistic option for many Brits amid the recession.

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