Loan introducers, mortgage introducers, brokers, finance professionals and anyone in finance or a related industry have recently been presented with an opportunity that is simply too good to miss out on – PPI reclaiming. Earlier this year, the Banks lost a court case whereby it was established that there had been widespread mis-selling of Payment Protection Insurance (PPI) by commission hungry salespeople working on behalf of the lenders.

PPI was attached to loans, credit cards and mortgages and was designed to cover people in the event of accident, sickness or unemployment. However, due to the massive profits the banks made by selling it alongside their loans and cards, this led to a culture of hard-sales whereby people who didn’t need it, want it or ask for it would be pressurised into taking it.

Since this all came to light and the courts ordered that the banks must pay back the money to anyone that was mis-sold PPI, a massive claims management industry has been created almost overnight. Hundreds of ‘no-win no-fee’ firms have sprung up offering to help people to reclaim their cash.

This presents a fantastic opportunity to professionals already established in the financial (or related) industry, because many existing clients of mortgage and loan brokers will have taken out PPI policies and statistically there is a good chance that they may have been mis-sold. Also, many finance and mortgage professionals will be sitting on back-books full of thousands of clients who could potentially make a claim to recover mis-sold Payment Protection Insurance.

It is estimated that collectively the banks have set aside nearly £10 Billion in expectation of claims – but the banks have decided that only 25% of PPI policies issued were actually mis-sold. However, it may turn out that the banks have made a serious under-estimation, and it may be that a much higher figure than 25% of policies could be argued to have been incorrectly sold.

Even so, £10 Billion is still a massive market. A claim for a PPI refund is a relatively straightforward process, and if a Bank refuses to acknowledge responsibility then the claim can be stepped up and taken to the Financial Ombudsman in order to achieve justice for the client. Normally, a claim will be completed with 8-12 weeks if there is no cause to take the complaint to the FOS although some lenders have been granted 16 weeks to deal with claims, because of the huge numbers being submitted.

All introducers, mortgage brokers, accountants, solicitors, loan brokers, finance professionals, loan introducers etc should ensure that they take advantage of this massive opportunity. Help your clients to recover cash that is rightfully theirs by forming a business partnership with UKMS by calling free on 08000 748 059.