Payment Protection Insurance (PPI) is a policy that is intended to cover debt repayments in the event that a person is unable to work, but all too often the concept is mentioned in the context of such a policy being mis-sold. Stories relating to mis sold PPI are frequently in our news headlines, and scarcely a week passes without some high-profile case coming to our attention. In the last month, it is the Lloyds Banking Group who has been receiving the most coverage, as their profit in the first 6 months of 2014 has plummeted by over 50% when compared to last year.
The Lloyds Situation
According to the BBC, the pre-tax profit at Lloyds dwindled to £863 million after substantial charges for ‘legacy issues’, and evidently £600 million was set aside solely for the purpose of mis-sold PPI. Apparently, this means that the total Lloyds bill for mis-sold PPI is currently sitting in excess of £10 billion, which is a truly staggering figure, to say the least.
Lloyds Banking Group already possesses the single largest PPI bill of any sender, and the bank has grudgingly admitted that the cost of PPI mis-selling could still be set to escalate even further in future. Only 40% of the policies that have been sold since the year 2000 have actually been claimed by anyone, so there is still a large percentage of unclaimed selling out there.
You may not realise, but if you have taken out a loan, a credit card, a mortgage, a store card or purchased something on credit in the last 15 years or so, then there is a fairly high chance that you have been mis-sold PPI at some point over this timeframe. Millions of pounds worth of mis-sold PPI is currently unclaimed, and this is all money that would be far better off in your own pockets; especially if you’re already struggling with debt.
Here at Scottish Debt Help, we specialise in helping people reclaim the PPI money that is rightfully theirs, and we can even conduct a claim on your behalf if you aren’t comfortable doing so yourself (for whatever reason). Usually, people have been mis-sold PPI without even realising, but even if such a mishap has occurred many years ago, it’s never too late to right the wrong. Our fees are among the lowest in Scotland, so don’t hesitate to contact us now by calling 0800 011 2322 for a quick and efficient resolution to your PPI concerns.