A CHESHIRE insurance specialist says it believes at least 5m families are paying for mis-sold Payment Protection Insurance (PPI).
Ellesmere Port-based PPI premiums recovery specialist Total Reclaim says many people were incorrectly sold insurance when they took out personal loans, car finance, credit cards or borrowed to carry out home improvements.
It says the average windfall for somebody making a successful claim against a bank or finance house would have been £1,800 – although pay-outs have been much higher.
Director Daryl Vickers said: “The vast majority do not realise they have been mis-sold PPI, and the fact is that if they tried to make a claim because they could not make a payment, the policy would be void.”
