Thursday 12th August 2010 - Published by Kelly Jackson - Communications Executive
Reclaim 'billions', public sector workers told
PUBLIC sector workers are being urged to reclaim 'billions of pounds' in mis-sold Payment Protection Insurance (PPI) because their employment packages could have made the policies redundant.
PPI is sold alongside loans, credit cards and other finance agreements to cover repayments if the borrower loses their income through accident, sickness, or, in some cases, unemployment.
But all government workers who have taken out a PPI policy in the last six years should investigate a repayment claim, according to the PPI reclaim specialists Credit Clear UK, as the benefits package they receive with their employment may have rendered the insurance unnecessary.
The company - which specialises in mis-sold PPI and finance claims and is backed by the Ministry of Justice (MoJ) - says its can help reclaim any premiums bought since 2004.
PPI sales practices have been investigated by the Financial Services Authority and the Competition Commission and following a ban can no longer be sold alongside credit cards and loans at the time of purchase.
PPI is a very lucrative business. In 2006 alone, lenders made profits of £1.4 billion selling loan cover on revenue of £5.5 billion. Needless to say banks have challenged the ban.
Credit Clear UK spokesman Shaun Harkin says unscrupulous lenders have knowingly mis-sold PPI to public sector workers including nurses, teachers, civil servants and members of the armed forces.
He said: "Adding PPI to credit agreements can add thousands to the total amount repaid, but many people – including those who are self-employed or aged over 65 – may be unable to ever claim on the Insurance . Consumers should take this opportunity to re-claim any PPI insurance on loans or credit cards that they believe may have been mis-sold."
He added: "There is no time to waste. The Financial Services Authority (FSA) estimates that around £3.2 billion is waiting to be claimed. Starting a financial claim can seem like a difficult and daunting task. But we have made the application process as quick and simple as possible."
Credit Clear UK says it wins an average £2,500 in compensation per case, but has won £27,000 for one customer alone in recent months.
To enquire about a claim please contact Shaun Harkin on: Office: 02476 578556 Mobile: 0785 881 82 43 Email: Shaun.harkin@creditclearuk.co.uk Web: www.creditclearuk.co.uk/i/coventry. Make sure you quote EM01.
