"Many Loans from high street banks have been mis-sold!"

Many loans from high street banks and other lenders have been mis-sold. Often the client has not requested insurance, the client was pushed into buying the product, was not offered a monthly payment alternative and/or the terms of the policy were not properly explained. The Citizens Advice Bureau has described the mis-sales of PPI as “the Protection Racket!”.

We can help you claim back compensation if you were mis-sold loan insurance.

What is PPI?

Payment Protection insurance is a policy sold alongside Loans or Finance which is designed and sold to cover the client in event of sickness, redundancy or inability to work. PPi is often very expensive. It can add a cost to the loan often in excess of 20% and sometimes significantly more.( see table below)

Examples of how your policy may have been mis-sold:

You were told you had to take PPI in order to get the loan You were pressured into buying PPI by a pushy sales person You have a medical history which excudes you from claiming on the policy You were not told that PPI was included in your financial product You were self-employed, unemployed, redundant or retired at the time You already had insurance which would cover you The terms and conditions of the policy were not clearly explained to you

 

How will you know you have it?

The best way to find out is to look at your loan agreement. If you do not have a copy, then you can phone or call your lender and ask for the policy details.

If any of the above apply, you could have grounds for a claim against your lender.

Here are a few examples of the real cost of PPI that the Citizens Advise Bureau has identified:

Payment protection has often been sold with all types of loans. 

This kind of cover can add a staggering amount to the total size of your debt. Moneyfacts data has looked at a significant volume of cases and revealed the astonishing cost of loan payment protection. On a loan of £5,000, for example, it is not unusual to find payment protection insurance premiums totalling £1,300 - over 20% of the total loan. Have you been charged an upfront payment protection premium with your loan? You may have a claim.

So should you have looked more closely at the terms and conditions? Not necessarily. If the costs of PPI were not made clear to you when you took out your loan, you will have a claim for mis-sold loan protection.

We specialise in claiming back unfair charges and secret commissions for people who have been mis-sold payment protection insurance. We ensure that we obtain the maximum refund you are due and take away any stress or strain of dealing with your lender, any lawyers and or the financial ombudsman. Let us help you.

* In 2009, real life claimed back £7,335,327.00 for clients

** In 2009, the average PPI claim value was in excess of £3000.

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