What is PPI?

Payment Protection Insurance is an insurance product designed to pay consumers financial repayments in the event of an Accident, Sickness, Redundancy or Unemployment.

It would cover you if you were off work due to sickness or accident, or if you were made redundant, it would typically cover you for a period of twelve months.

At its peak in 2008 the banks were selling over 7 Million policies a year (source), resulting in massive profits for them with little to no benefit for the consumer.

Several High profile banks have been fined by their regulators for their part in the mis-selling scandal, Lloyds were fined a record £117 million for serious failings in their PPI complaints handling (source), Yorkshire Bank were recently fined £20 million for mis-handling PPI complaints (source). Also Alliance and Leicester were fined £7 Million (source), HSBC (source), Capital One and EGG were fined up to £1.1 Million.

With Payment Protection Insurance being the most complained about financial product in history it is no surprise that over £22 Billion has been set aside to cover the cost of compensating consumers, with Lloyds, HSBC, Barclays and RBS responsible for over £18 Billion of it.

*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company.

**A valid claim is an eligible PPI claim where PPI has been identified on the product.

Customer Relations

Contact Us

  • Address: My Claim Solved Limited, Tormohun House, Barton Hill Road, Torquay, TQ2 8JH

  • Phone: 01803 322 822

  • Email: info@myclaimsolved.com