Have you been mis-sold a payment protection insurance (PPI) policy alongside a financial product within the last ten years? Payment Protection Insurance (PPI) is a form of insurance sold alongside credit products that offers financial cover in the event that a lender becomes ill, loses their job or dies during the term of a credit agreement. While this type of cover can, in some circumstances, be particularly useful, a number of lending institutions have employed unscrupulous tactics to get customers to purchase this type of insurance - often negating to fully explain the terms, conditions and limitations of such policies. If you did not specifically request PPI, or the product was mis-sold to you when you took out a loan, mortgage or credit card at any point during the last ten years, our PPI claims specialists may be able to help you recover monies owed as part of a no win no fee claim for PPI compensation.
The PPI scandal has affected many thousands of people in the UK, many of whom have unwittingly paid out thousands for credit insurance without knowing the full implications and limitations of these types of policies. Thus far, over five million people have successfully reclaimed monies owed to them due to the mis-selling of these PPI policies, however, many more are still unaware they could be entitled to PPI compensation. Could you be one of them?
We may be able to help you recover fees and unfair credit charges if you were mis-sold PPI, or it was added to your credit agreement without your prior knowledge for:
- Home owner loans
- Unsecured personal loans
- Fixed and variable rate mortgages
- Credit cards
- Bank loans
- Store cards
- Supermarket loans
- Hire purchase/ Buy Now Pay Later agreements
All companies offering payment protection insurance alongside consumer credit products have a duty to ensure that the product is both appropriate for you at the time of sale, and that you understand the basic terms, conditions and limitations of the policy. Failure to provide this basic information to consumers constitutes a breach of this duty, as does informing customers that PPI is compulsory when taking out credit, when legally, it is not.
Claiming PPI compensation doesn't have to be difficult. In fact, our legal experts will be happy to undertake all aspects of the legwork on your behalf as part of the no win no fee agreement. If you believe you may have been mis-sold payment protection insurance, contact us free for advice today. Either complete the online form to arrange a convenient time for us to call you back, or phone us on our free claim helpline to discuss your entitlement today with one of our legal specialists.
Payment protection insurance is commonly offered alongside credit agreements to protect you in the event that an accident, illness, unemployment, or death means you are unable to keep up credit repayments. Typically, a PPI agreement will include basic cover for all of these things, however, there are certain clauses which may mean you are not eligible, such as if you suffer from a pre-existing medical condition. Following an FSA investigation in 2007, a number of high profile lending institutions received hefty fines due to their mis-selling of insurance policies. A High Court ruling in 2011 then made it compulsory for companies who had mis-sold PPI to consumers to repay their costs, along with compensation.
Were You Mis-sold PPI?
The first step in finding out whether you've been mis-sold PPI is to examine your credit agreements to check whether you had insurance cover. If you no longer have these in your possession, you can contact the lender with whom you took out the loan, credit card or mortgage in writing to find out. Lenders typically charge between £1-£10 for information requests depending upon whether your account is active or closed. Secondly, you will need to establish whether or not the policy was mis-sold at the time of sale/ agreement. The following check-list provides examples of the most common situations which could render you eligible for PPI compensation:
- You were told that PPI was compulsory at the time of sale/ agreement.
- You were not given information about your right to cancel during the 'cooling off' period.
- You didn't realise you had been paying for payment protection insurance during the term of a credit agreement. (This may mean it was sold to you/ applied to your credit agreement without your prior knowledge).
- You were told that another policy you hold did not provide adequate/ the same level of cover.
- You were self-employed, and the employment cover did not include protection in the event your business failed.
- You were suffering from a pre-existing medical condition at the time of signing the policy, and weren't informed the medical cover excluded existing conditions.
PPI can be mis-sold in all manner of ways, so whether you applied for a product over the phone, or in person, if you were wrongly advised, or not provided with the right information before taking out a policy, there is a strong chance our PPI claims specialists will be able to help you seek compensation.
No Win No Fee PPI Claim Specialists
Many people disregard their possible entitlement to a refund or compensation in the belief that claiming back PPI charges is costly, drawn out and fraught with risks. While it's true that some claims can take several months to progress, there is no cost or risk to you personally if you opt to make a PPI claim under our no win no fee agreement. This is a no risk legal funding scheme that protects you from any liability for legal costs irrespective of financial status or case outcome. Even in the rare event your case isn't successful, you have nothing to lose as all costs are still covered by our own insurance provider.
Our Commitment to You
With years of experience pursuing PPI cases on behalf of clients, we've gained a strong track record for our high rate of success with these types of claims. Furthermore, you can be assured that even if your lender initially rejects your claim, we will fight on your behalf and pursue your case through the Financial Ombudsman Service. We have successfully recovered millions in charges and compensation for our clients, and are dedicated to recovering the compensation you are due - no matter how long it takes.
For independent, impartial advice about your right to PPI compensation, contact our friendly, financial litigation specialists today. Simply complete the secure online form to arrange a call-back, or call us directly on the free-phone helpline number to discuss your case now.