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Journalist causing online revolution |
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Friday, 06 June 2008 |
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Manchester born Martin Lewis, creator of MoneySavingExpert.com has proven once again the effects of people power.
Now the Competition Commission has announced an investigation into Payment Protection Insurance (PPI), Lewis has revealed that over a quarter of a million template letters for reclaiming money have been downloaded from his site.
So far the biggest reclaim is £27,500 with most lenders and insurance settling without the involvement of the Ombudsman.
 Lewis
“We’ve seen so many consumers have money ripped out of their pockets. PPI is big business, when you get a loan, the lender is usually making more money from the insurance than the loan. Yet as it's hidden in the repayments, people don’t realise they’re paying £1,000s over the loan's life.”
“Bank staff are drilled to push this insurance, even when it's not necessary, or worse still when the cover is totally inappropriate and doesn’t actually buy any protection. Even when people try not to get policies they’ve been told if they want to get a loan, they need to get the PPI too, which is not true.”
Lewis set up the site with just £100 and now, five years later it has become the country’s biggest independent money website with more than 900m hits a month.
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