CAN I CLAIM?
When you took out a loan you probably did not even realise that there was Payment Protection Insurance (PPI). It was the banks, brokers and other lenders who pushed the sale and therefore the Payment Protection Insurance (PPI) was a “secondary purchase.” A strong indicator that the Payment Protection Insurance (PPI) has been mis-sold is if one or more of the following took place:
* You were not aware of the total costs of the PPI
* You had a pre-existing medical condition that was not covered by the PPI
* You were unemployed at the time of taking out the PPI
* You were or was shortly to become self-employed when you took out the PPI
* You were retired or close to retirement when you took out the PPI
* You were led to believe PPI was compulsory and/or it would enhance your chances of getting a loan
* You were pressured into buying PPI
* PPI was added without your knowledge
* You had alternative insurance which gave you adequate cover
Even if the Payment Protection Policy was sold to you correctly, nevertheless if the Bank or other lenders failed to incorporate the costs of the PPI correctly within the loan agreement, the entire loan and the insurance can still be deemed to unenforceable under the Consumer Credit Act. Providing the cost of the Payment Protection Policy and/or the loan is over £5,000 we can help you on a No Win, No Fee, basis.
Some Particular Examples of Wrongful Mis-Selling
Sold a Single PPI Policy
Many loans that are sold are tied in with an up-front PPI policy that is added on to the loan. This is probably the most expensive type of PPI policy sold as you are charged the full rate of interest over the term of the loan. Also the cost of the PPI policy itself loaded with the Bank or other lenders’ commission so is over-priced as compared to others on the market.
Some policies can cost as high as 40% of the loan and if you cancel the PPI policy early you do not receive the full amount of the unexpired term back.
Example of a Loan from One Loan Provider with PPI
In one case a person who took out a loan with for £25,000 over 10 years was sold over the phone a PPI policy which costs over £15,000 including interest. Of the £15,000 the sum of £4,000 was in interest charges alone. The loan company did not advise our Client the cost of the PPI policy. They disguised the true amount by simply advising our client of the total monthly repayments. They did not provide her with a comparison with or without the PPI policy.
If you buy a PPI policy independently from the Bank, broker or other lender, you will often find that the cost is much cheaper. Also the independent PPI policies that can be purchased will allow you cover on a “pay-as-you-go” basis so you can stop paying for the PPI policy at any time without penalty and you do not have to pay the interest charges.
Some other reasons for claiming. More
