mortgages

Mortgage Payment Protection Insurance (MPPI), Mortgage Payment Protection Plan (MPPP), Mortgage Protection Plan (MPP), Mortgage Protection Insurance (MPI), Payment Protection Plan (PPP), Payment Insurance (PI), Mortgage Insurance Plan (MIP), Mortgage Plan (MP) etc etc has been sold alongside Mortgages for over a decade. Borrowers paid for an insurance policy to make sure their Mortgage payments would be covered if they were unable to work.

It seems a great idea, especially when you consider the financial upheavals we have faced with over the last five years. Unfortunately, many thousands of these policies were mis-sold in the same way PPI was mis-sold on Loans and credit cards.

Selling Mortgage Payment Protection Insurance was not only profitable for Banks & Building Societies but for sales staff and Brokers who often received massive commission for selling the policies. A problem with paying high bonuses on sales of any product is that rules are often ignored. When the sales become about volume, rather than the client, suitability and criteria tend to be forgotten.

If your case is successful the Lenders must repay all of the Mortgage PPI payments you made plus the interest and, in some cases, potentially 8% interest for each year you had PPI on top.

To find out how much we can help you claim on your RBS PPI in 15 seconds CLICK HERE

RBS ppi news
   HSBC who owns EPF sets aside an extra £352 Million to pay out PPI on top of the £2.46 Billion already set aside.
   Sky News estimate the Banks PPI mis-selling bill will be more than £22 Billion.
   The FCA is forcing lenders re-open over 2.5 Million PPI cases.
   The RBS Natwest group sets aside a further £100 Million taking their PPI provision to £3.3 Billion.
   £22 Billion is set aside by Banks to compensate for PPI
   Barclays sets aside a further £170 Million taking their PPI provision to £5.02 Billion.
   FCA confirm mis-selling PPI bill totals over £352 Million in September 2014 alone.
   HSBC who owns EPF sets aside an extra £352 Million to pay out PPI on top of the £2.46 Billion already set aside.