MIS-SOLD PAYMENT PROTECTION INSURANCE (PPI) CLAIMS

One of the biggest issues to effect average consumers in recent times. It is widely estimated that up to 20 million people have been affected by mis-sold PPI and the Financial Services Authority estimates there is still £2-3billion left to recover from the mis-selling of PPI.

The PPI market is worth £5billion each year to lenders. Unfortunately many financial institutions in one form or another mis-sold PPI to many consumers.

UK Claims Lawyers are here to help you recover the money, which is rightfully yours. We have an experienced team who ensure every effort is made to recover the maximum amount possible.

WHAT IS PPI?

PPI is a form of insurance, which is designed to cover the consumer’s repayments for one year in the event of an accident, sickness or unemployment.

Fundamentally PPI is designed to help but due to the way in which it is has been mis-sold it has left essentially thousands of people with cover, which is of no use to them. This has now led to a change in the law and means that PPI cannot be sold at the same time as selling a loan or credit card.

You can claim back £1000’s worth of PPI on mortgages, remortgages, personal loans, credit cards, home insurance, car finance agreements and essentially any other form of loans/borrowing. Call us today and enquire about whether or not you may have been mis-sold PPI.

HOW FAR BACK CAN I CLAIM PPI?

You can claim back PPI on a loan/credit card from anytime within the last 6 years. It does not matter whether or not you are still making repayments.

It is possible to make a claim on agreements prior to this (up to 12 years) but chances are reduced.

Call us today and find out if your claim for PPI is still valid.

WAS I MIS-SOLD PPI?

The following are the most common reasons for mis-sold PPI. Please note these are not the only reasons. If you do not fall into one or more of the below categories then it does not mean your claim for PPI is invalid. Call us to discuss further:

PPI not explained.

The true cost of PPI on many occasions was not explained. The consumer should have been aware of the full cost of the PPI, including amount of repayments (e.g. monthly) of the PPI and also of the interest on the PPI. If this was not made clear to you from the start then the PPI was mis-sold.

If you take the PPI then we will approve the loan/agreement.

PPI should not have been a pre cursor for any loan or agreement.

PPI is compulsory.

This is never the case. PPI is wholly and completely optional.

Pressurised into taking the PPI.

If you were pressured into accepting PPI then it was mis-sold. Many people offering this service were working on targets/high commission therefore pressurised sales were a common tactic.

Simply not aware of the PPI.

Advisors, bankers simply added the PPI onto the consumer’s policy therefore the consumer without knowing presumed PPI was compulsory as part of the agreement and paid it with no questions. This is one of the most commons reasons for mis-sold PPI.

Assumed PPI added.

As above advisors, bankers simply assumed that the consumer needed PPI and added it to the policy.

Consumer had existing PPI.

Some people may have already had another form of insurance, which covered them. For instance as part of your employment contract your loan repayments were covered if for example you fell ill. If the person who sold the PPI did not establish this through proper means and questioning then the PPI was mis-sold.

PPI sold on second loans.

In some instances consumers took out second loans with the same provider to make repayments on the first loan. Repayments on the first loan included PPI repayments. However PPI was also added to the second loan. This PPI was mis-sold.

In this case you can claim back the PPI on both loans and in some situations have the remainder of the debt declared void and written off.

PPI is part of the package.

Some consumers were sold PPI and told its all part of the finance package detailed. This should have never been the case. PPI is always a separate form of insurance to any loan/credit card agreement.

PPI does not cover the entire loan/period.

If the PPI sold did not cover the entire loan period and/or the full amount of the loan then it was mis-sold.

Pre-existing medical conditions.

If you had a pre-existing medical condition such as diabetes, back problems, heart problems, long tem illness or you had suffered a stroke or suffered from stress then any PPI you took out could have been mis-sold.

The advisor/banker should have questioned you on any existing medical conditions, as any payments from the PPI could have been void should you have needed them.

Incorrect information about the PPI.

If the exact terms you believed the PPI was sold on did not apply then it was mis-sold. For example the PPI covered you for a shorter period than you were initially advised or you were told it was a joint policy but in reality the PPI only covered one person and not the other.

Your employment status.

If you were in any of the following situations at the time you purchased PPI then it may have been mis-sold.

• You were in part time employment.
• You were self-employed.
• You were retired.
• You were receiving full sick pay.
• You were a student.

Furthermore if at the time you worked as: – a civil servant, for the NHS, for the Armed Forces, as a teacher or in the police force then again your PPI may have been void if required or in many instances your contract of employment covered your loan repayments in periods of sickness for example.

ENTITLEMENT

If it is found that you were mis-sold PPI then you are entitled to a refund of the total amount. This includes any interest you paid on the PPI + 8% interest per annum from the time you purchased the payment protection insurance.

The average payout on a PPI claim is over £2,000.

IF YOU BELIEVE THAT YOU HAVE BEEN MIS-SOLD PPI THEN CALL ONE OF OUR SPECILAIST LAWYERS TODAY AND RECLAIM THE MONEY YOU DESERVE.

COSTS OF A PPI CLAIM

We handle PPI claims on a 25% service charge basis.

So for example:

Initial up front fee: £0.

We help you successfully claim back: £5,000.

Service charge applied: £1,250. (25% of total value)

You keep: £3,750.

BUT remember you only pay us if your claim is successful. If we do not recover any money from your lender then you do not pay us anything.

We deal with PPI claims on a strictly NO WIN NO FEE basis.

WARNING FOR YOU FROM UK CLAIMS LAWYERS

UK Claims Lawyers always work in your best interests and consumers should be very wary about ‘goodwill gestures’ that some lenders are making in order to limit the amount of PPI which they need to pay back to consumers. The amounts they offer in settlement are usually substantially less than what you are entitled to. Do not be pressured into accepting these and report to appropriate authorities should they offer you a ‘take it, or leave it’ ultimatum.