Woman Gets £50,000 Mis-Sold PPI Payment

A woman whom has preferred to keep her information confidential has successfully claimed back an incredible £50,000 from a number of various credit card companies due to being mis-sold Payment Protection Insurance (also known as PPI).

She found that she had been repaying payment protection on all of her cards since 1995, meaning that there was as so much as seventeen years worth of repayments for a variation of insurance that would never have benefitted her and of which one she had no need for.

Two of the companies involved were MBNA (of which she had two separate cards) and additionally an HSBC credit card.  Due to the number of years that the PPI levies had accumulated she was also eligible to even further payment for lost interest on all the cash that she had paid for an insurance that she did not desire to have.  The typical rate of interest typically paid in this sort of claim is 8% per year which can significantly enrich the settlement, most especially when over in such a long term.

The lady said that she originally took out Payment Protection Insurance mainly due to the fact it was implied that it would make her registration for the credit cards more likely to be successful.  It was decided that this established mis-selling and therefore the huge payments were made that totalled approximately £50,000 in all.

Surprisingly the woman, just known as Mary, has now used this huge payout to pay off all of her ongoing credit card debts and has even been left with around £20,000 that have been put straight into savings, meaning that she is no longer paying interest but instead receiving it.

The typical payment for mis-sold Payment Protection Insurance is alleged to be a lot lower, although still extremely considerable, at around £3,500 per claim, according to the Financial Services Authority.

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