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Payment Protection Insurance Mis-Selling

If you have taken out a ppi policy on a loan you could be one of the millions of people who have been mis-sold a PPI policy and be entitled to claim compensation.

What is payment protection insurance?

Payment protection insurance, also known as PPI or Loan Protection Insurance was sold to some customers when they had any kind of loan. It was a protection insurance sold to cover your monthly payments in case you had an accident, fell sick or became unemployed.

How was it mis-sold?

Some organisations had an aggressive approach to the sale of PPI. In some circumstances, the sale of PPI was so aggressive, that the person selling the insurance to you would not have asked the right questions to make sure that the insurance was suitable for you. This often resulted in customers purchasing an insurance policy that would actually be worthless if they ever needed to claim on it.

So who may have mis-sold me payment protection insurance?

Banks and Building Societies who may owe you compensation

Who qualifies?

A variety of circumstances exist for determining whether you were mis-sold a policy:

  • Out of work or self-employed at the time when the policy was sold to you? - you probably could not make a claim under the policy deeming it effectively worthless
  • Forced to take out the insurance in order to obtain the loan or financing arrangements? - you should have been free to obtain the insurance from another, cheaper supplier
  • Not asked at the time of sale whether you already had a PPI in place? - if you already had loans, financing arrangements or a mortgage in place, you may well have been covered or could have obtained an extension to that cover more cheaply
  • No notification of exclusions in the insurance? - which might prevent you from making a claim under it
  • No notification that you can get PPI from other sources?
  • Receiving a considerable amount of pressure to buy the PPI?
  • Paying a lump sum for the PPI without receiving advice that it is possible to make the payments on a monthly basis?
  • Paying a lump sum up front for the PPI, but then paying the loan off early without getting a refund of that insurance premium?
  • Increasing your borrowing and automatically having your PPI payments increased?
  • Not having the terms and conditions of the PPI explained to you?

What can you claim back for me?

All PPI premiums actually paid plus a write off of premiums yet to be paid. In addition, we will ensure that you receive statutory interest (8%) on any premiums you have already paid; in many cases this could significantly increase your claim.

How much does it cost?

The cost is 30% of the amount reclaimed plus VAT. However this is only payable if the claim is successful.*

Can I decide to stop my claim at any stage?

Yes, although you will be charged a fee if you cancel after the 14 day cooling off period or after a reasonable offer has been made by the lender.

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Sources: Which? 'The UKs biggest mis-selling scandal' - 30.07.14, Financial Conduct Authority - Monthly PPI Refunds and Compensation - 12.03.15