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Crystal Legal are joining your team.
Crystal Legal are supporting Witton Albion
Crystal Legal are joining the Witton Albion team by becoming a financial sponsor.
Experienced in reclaiming mis-sold payment protection insurance, Crystal Legal have helped thousands of people recover on average £3,500*.
Find out if we can help you as well as your football club.
We understand that you might have been getting a lot of calls about PPI lately… but do you really know why and what it could mean to you?
Like with everything in life, education is one of the most important factors – and PPI is no different.
The mere mention of this now well-known acronym brings out a range of emotions. Frustration, anger, uncertainty… but, for many, joy.
What is it?
Let’s break it down:
P – Payment = payments against financial agreements like a personal loan.
P – Protection = Protection against accident, sickness and unemployment
I – Insurance = it’s an insurance so, by definition, it will pay cash out if it is used successfully
PPI is a general insurance that was sold en-masse to consumers alongside or bundled with every type of finance you can think of. It was sold as far back as the 1980’s with a heyday from 2002-2005 until regulatory improvements stopped the market for it in 2012.It was a profit making powerhouse for the financial industry with some major banks making up to 10% of yearly profits (in the £billions) from this lucrative product.
The banks even sold PPI to insure the PPI payments. Insurance to pay insurance – barmy but true!
So what’s the issue? We pay billions for insurance every year from car to home and even our pets are insured up to the hilt. Why is there such a scandal over just another insurance?
What makes PPI different is that it was sold to millions of people who didn’t need it, didn’t want it, couldn’t use it or couldn’t afford it. It was sold in ways that maximised profit for the seller and minimised value to the policy holder, driven by a banking culture of high pressure sales that put profits and targets before the UK consumer’s needs.
The epitome of this were the sales that weren’t sales at all… because the customer never even knew PPI was a part of their agreement.
This is where you come in. If you think you never paid PPI or you’re just not sure, the statistics say there is a fair chance you did. If you’re aged 23-103 and you had any type of finance agreement in the last 30 years then you could have been a target for PPI whether you realised it or not.
You could benefit from the reassurance of knowing if you were a victim of the largest scandal in UK financial history – or not. Our Sureclaim solution is designed to do just that. So far banks have paid out over £22 Billion pounds as compensation with plans to set more aside just around the corner, don’t miss out on your piece of the PPI Pie.
So you might have had PPI – OK, we’ve got that down. Why was it ‘mis-sold’ though?
Mis-sale? Mis-sold? These terms are bandied about in PPI spiel all the time; but what do they actually mean?
When PPI was sold there were rules and regulations, both enforced and voluntary that the sellers were meant to follow. Whilst these changed over the years the core reasoning was that if you were going to sell an insurance to someone then they needed to be able to use it, it needed to be suited to their requirements and they had to be fully aware of the insurance and its costs. Common sense really; you wouldn’t buy car insurance if you didn’t own a car.
However, due to the previously mentioned profit potential and pressured sales environment many PPI sales didn’t follow or even acknowledge these rules and regulations.
The big five examples of mis-sale:
You were told it was a compulsory insurance to get the finance – A common sales lie
You already had sufficient accident, sickness and unemployment cover from your work – You didn’t need it
You had a pre-existing or excluded medical condition – It wasn’t good value for your circumstances and wouldn’t have paid out for incidents related to these conditions
You were self-employed – your chance of successfully using the insurance was reduced and it represented poor value.
You were not employed full time – Retired, Unemployed, Student, Working less than 16 hours a week – the insurance was utterly useless to you!
What if none of these apply though? You had PPI, you wanted PPI, and you knew what it was.
How are YOU a victim of mis-sale?
The banks really knew how to maximise their money. They didn’t just mis-sell insurance, they also sold types of insurance that never needed to exist – Single Premium is the prime example.
This was the first type of PPI to be outlawed in January 2009 by the then regulator – the Financial Services Authority. They also suggested that 70% of single premium PPI policies were unsuitable.
Single Premium PPI was added as a lump sum primarily to loans and attracted interest throughout the course of the loan and financially penalised the consumer if they refinanced or paid the loan off early.
To put it in context, you wouldn’t buy your car insurance 5 years in advance, pay interest on the lump sum and tie yourself to the same insurer with a financial penalty if you wanted out. You also wouldn’t just take car insurance from one insurer, you would chose the one that was the most competitive and suitable for you. You certainly wouldn’t take car insurance that had a very low chance of paying out if you needed to use it!
The banks offered did all of these things with single premium PPI, it never needed to be part of the loan. It could have been paid for separately and monthly, known as a monthly regular premium, the type used by most insurance companies.
Single premium just made so much more money, up to 80% more expensive than its regular cousin; the banks couldn’t resist pushing it on every product possible.
So if you are in the minority that had PPI and think they were happy with it ask yourself again, did I get the best deal financially for this insurance? Was I ever given another option? Was there any reason why PPI was charged to my credit card account and not paid out of my debit account? That’s right! It attracted interest like a purchase so made more profit.
Consumers trusted the banks – then the financial crisis showed that trust to be misplaced, regulatory action and a court case later when banks have been told to pay consumers back the money they fleeced if the insurance was unsuitable (and we prove this in 95% of cases). On average our clients who receive redress get a total of more than £3500 back as a combination of:
Premiums (actual money paid towards the insurance)
Contractual interest (interest accrued if the PPI was part of a financial agreement
Statutory Interest at 8% (the compensation element that mimics the combination of A+B as if they had been in a bank account from the day they were paid accruing interest at 8%)
So for example, if you paid £1000 for single premium loan PPI on a £4000 loan over 5 years at 10% APR from 2000-2005 then you could get back over £3000 as a combination of the above.
Imagine those figures on a £25000 loan from 1985, it gets scary, throw in a few refinances and it’s no wonder our largest individual loan chain refund is over £50,000.
Our team is dedicated to the finding, claiming and joy bringing of PPI. We don’t claim to do anything you couldn’t do on your own (a common media line) but ask yourself this, would you cut your own hair? You would go to an expert and that is why thousands of people use the Crystal reclaim service.
In a country dominated by the service industry, convenience is a costly but necessary commodity. We provide a service where we do the things you might not have the time, the confidence or the commitment to see through.
We have a very particular set of skills, skills acquired over 6 years as a CMC, skills that make us a nightmare for banks like yours. We look for PPI, we find PPI, and we claim it back.
Call the number at the top of the screen and have a quick chat with one of our agents to see how we could help you, the average time from signing our paperwork to getting a refund is just a few months.
Alternatively fill out the form at the top of the page and we’ll call you back at a convenient time to discuss this exciting prospect, and remember, it’s all FREE until we get you some money back.
We don’t get paid unless you get paid, now that’s a deal you don’t find too often in the service sector!
Average claim value correct as of March 2016.
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Why choose Crystal?
At Crystal we really want to help you to make a positive difference to your life. Reclaiming any mis-sold PPI could give you some additional money and we are with you every step of the way.
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Crystal Legal Services Ltd, Gawsworth House, Westmere Drive, Crewe, CW1 6XB. Crystal Legal Services Ltd is regulated by the Claims Management Regulator in respect of regulated claims management activities CRM20182. Its registration is recorded on the website: CRM Search | Company registration 6837474.Registered office: Fairfield House, Back Lane, Spurstow, Tarporley, Cheshire, CW6 9TE. All details and statistics on this website are correct from April 2015We are a dma member