As more and more people realise they have a genuine right to claim compensation for miss-sold payment protection insurance (PPI), the need for professional advice has never been greater. Leading the way is Consumer Protection Services, based out of Wilmslow, which has processed over 30,000 claims in the past four years with great success. The average client receives a refund of around £3,000, with the highest return to one customer an incredible £53,772. In the first part of the interview, Ron Amoore, MD of CPS, who answers our questions.
What is payment protection insurance?
It’s a form of insurance that the banks and credit card companies put in place to cover your monthly payments on loans – usually covering you for up to a year in case you are made redundant or taken seriously ill from work. These policies are sold alongside your credit card, personal loan or mortgage. We’ve found that the average PPI charges our clients an additional 25-40% on top of their loan amount.