The financial watchdog has been heavily penalising Payment Protection firms left, right, and centre for not treating consumers decently, also the Competition Commission has scrutinized the market and made requests on lenders, including banning transactions within one week of selling a visa credit card or loan and completely prohibiting single premium plans.
The financial ombudsman (FOS) has taken issue with the industry's regulator that it thinks that lenders are wilfully trying to block the ombudsman procedure. It thinks that some lenders have been guilty of opposing out of hand all consumer bids to reclaim, and in 2009 89 percent of cases of peoples' secret profit dealt with by the ombudsman were decided in the consumer's favour.
Theres nothing wrong with Payment Protection for people who need such protection. There is certainly a place for your secret profit. Its job is to cover loan or card payment upkeep in case of injury, period of illness or time on the dole. It is conspicuously useful in the existing economic context. Yet if you got a PPI product from the lender, it's likely that you are paying very much more than you should, so you should first check if the same is available somewhere else for less.
When considering the action you could take about your secret profit you should also factor in the loss of your time together with the loss of funds. Any subsequent legal action must arrive at a result which serves the needs of both. Only by attaining both of these can you truly be said to have had a completely successful case.