Payment Protection Insurance is a hot topic; the OFT and the FSA are both currently investigating the unfair tactics used by lenders that have resulted in so many miss-sold policies, so it is no surprise that ITV1’s current affairs show, Tonight With Trevor MacDonald is tackling the issue this evening.
PPI is an insurance policy sold alongside loans, mortgages, credit card and store cards and catalogues, designed to be able to cover your payments in the event of an accident, sickness or unemployment.
The PPI industry is worth £5billion thanks to more than 20 million PPI policies in the UK, but, there is increasing evidence that often, consumers are mis-sold PPI, with reports of firms selling policies that customers do not understand, or in some cases, make consumers believe buying PPI it is compulsory.
Last week, the Financial Ombudsman revealed that it is investigating 4,000 cases of mis-sold PPI from this year alone, and tonight at 8pm on ITV1, Money Savings Expert Martin Lewis will put the PPI industry under the microscope.
The programme, Tonight: Payback Time
, will offer help and advice to people who think they have been mis-sold PPI, follow some of the people who have successfully reclaimed their PPI policies and send 10 policyholders to ‘reclaim school’.
Martin Lewis, who created MoneySavingExpert.com – a free ‘consumer revenge’ website, says he believes there are millions of people in the UK entitled to reclaiming money their have been ‘tricked’ into paying out on a PPI policy,
“Of the 20 million policies in the UK, I wouldn’t be surprised if half had been mis-sold,” he said. “It’s time for the millions who’re unaware of how poor their cover really is to see if they were mis-sold and demand their money back.”
Find out more about mis-sold payment protection insurance
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