Paul Lewis
speaker
150 appearances
6 recordings
1 series
first heard Apr 2011
last heard Jan 2015
Paul Lewis’s voice in public audio — every appearance, attributed to the second.
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Appearances
£25 billion.
It sounds like a big number.
What is it?
It sounds a big number, doesn't it?
This is now the total redress paid for mis-selling Payment Protection Insurance, PPI.
£25 billion between the major credit providers, banks and a few credit card companies.
Payment protection insurance was supposed to protect you if you couldn't repay a loan.
So you'd take out a loan, they would sell you, sometimes automatically adding on payment protection insurance.
And it could actually be more than the interest on the loan.
It was so expensive.
The problem was they didn't make it clear...
When you couldn't claim it if you were unemployed or perhaps if you had a partner who was in work or perhaps you were too old to claim it or perhaps you lost your job for your own fault, all of those could invalidate the claim.
And so it was widely missold, the conditions weren't explained and it was extremely expensive and, of course, extremely profitable.
Yes.
I mean, really, you can do it yourself.
If you've got a bit of paperwork or you even remember when the loan was taken out, who it was with, you can write to the bank or the credit card company and they've all got procedures in place.
In fact,
warehouses full of thousands of people whose job it is to make sure the claims go through.
And about 70% of them are generally accepted by the banks.
When they're not, you can go to the financial ombudsman and get money from them.
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