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Payment Protection Insurance (PPI) was first introduced mostly likely as far back as the 1960s. However, it did not really become relevant in relation to mis-selling or inappropriate selling by the Lenders to their clients, until the 1980s and certainly the 1990s when the mis-selling of Payment Protection Insurance was widespread.
In the 1980s the Banks started to develop the product so that it was applicable to the mainstream of its customers, namely the supply of personal loans, credit cards and, in some cases, mortgages. The Banks soon found the Payment Protection Insurance to be a tremendous money spinner in that, not only did they find themselves in a position where they had a tremendous captive audience who ultimately believed everything that the Bank Manager said, but also the product itself was so fatally flawed as it was largely irrelevant to the majority of people that had the product, that there was very little expense associated with the premium that was being charged. Therefore, almost 100% of the premiums was being taken as profit. This was in addition to the interest that was applied to the facility, as a result of having the Payment Protection Insurance because, of course, in respect of any form of borrowing, if the Payment Protection Insurance was added, interest would apply and accrue on whatever PPI premium was being paid.
The vast majority of people have now forgotten that they had Payment Protection Insurance and indeed a lot of the facilities that they operated in the past, as early as the 1980s and 1990s, they would have either forgotten about or most certainly have destroyed all the paperwork or information in respect of these. However, this would not justify ignoring the fact that facilities were in place, and there is potentially a refund available in relation to the mis-sale of Payment Protection Insurance.
Despite age, a lot of the Banks do maintain their records. Providing there is a degree of persistence (which we have) in relation to any claim that we put forward on behalf of our clients, we can locate the information and clarify if: –
- Payment Protection Insurance was applied and;
- If it was, look at obtaining a refund on behalf of clients – all on a “No Win No Fee” basis.
There are no guarantees when looking at any form of banking dispute or complaint, as there are a variety of regulations that need to be addressed. However, because we work on a No Win No Fee basis, this does not cause our clients any difficulty financially should, this be the case. Our oldest claim so far, is 1987. This was successfully negotiated with the Bank in relation to a refund concerning a personal loan. So, it is therefore certainly worthwhile looking at any form of borrowing that you have had in the past, despite not knowing whether Payment Protection Insurance was applied, or not, and indeed whether you know any of the specific details in relation to the facility that you had with the Banks, such as having any paperwork or account information and details.
It is surprising what information the Banks actually do hold and the length of time that they hold that information and detail, particularly concerning Payment Protection Insurance, which ultimately the mis-sale is one of gross greed against the Banks’ clients. Their abhorrent behaviour has cost them considerable sums of money, but unfortunately the amounts of money involved, whilst considerable, are nowhere near the amount of money that the Banks have generated over the years in relation to the Payment Protection Insurance, and also the interest and income that they have generated as a result of mis-selling the product to its clients.
It is therefore essential that if you have had any form of borrowing in the past, and you are unsure whether Payment Protection Insurance has been applied, or not, that you allow us to look on your behalf to establish if this was the case, or not.