Felt pressurised to take Payment Protection Insurance?
Thought you had to have it to get the loan?
If so we can get your money back!
What is Payment Protection Insurance?
Often sold to accompany credit cards, personal loans or mortgages, Payment Protection Insurance (PPI) is known by many different names, usually dependant on the company providing them. You may recognise them as, Accident Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment Cover, Mortgage Payment Protection Insurance (MPPI) and Personal Loan Protection.
They have been sold in the past as a 'safety net' to cover your repayments in unfortunate circumstances such as redundancy, loss of employment through sickness, ect. What out clients tell us is that they didn't realise that these Payment Protection Insurance policies are completely optional extras that are added to your loan, and many have assumed that they were necessary to receive approval for their loan.
Often these PPI policies are added on top of your loan in what's called a single premium policy. It's often not obvious that this can add up to a lot of extra money paid out for your loan over time. According to the Citizen's Advice Bureau Payment Protection Insurance can add between 13% and a staggering 56% to the cost requirement of your loan. Our own research has shown that Payment Protection Insurance costs incurred by our clients averages out to be in the range of 25% to 40% on top of their loan. While this could be a shock in itself, finding out that the Payment Protection Insurance didn't cover you as expected often comes as a greater shock as this is effectively money down the drain.
Why can I have it back?
Payment Protection Insurance has been mis-sold by many lending institutions who failed to fully explain the nature of the PPI, or didn't point out the costs of the policies being sold. Advisors selling Payment Protection Insurance policies are often rewarded with huge commissions for their sale, and it's estimated that there are 20 million Payment Protection Insurance policies in place in the UK that have annual returns in excess of five billion pounds to the policy providers.
With more and more banks admitting that they mis-sold PPI, we're even more determined that you should recover the payments you made. The average PPI refund we recover is around £3100, but this depends on the size of the loan and the length of time the Payment Protection Insurance policy has been in place.
One of our clients recently received a PPI refund of £18,171.82 back from a 25K HSBC loan he had for 5 years, and we can all agree that's a lot of money to lose to a mis-sold PPI policy.
Many Payment Protection Insurance polices are littered with clauses that make it difficult to get paid out on a PPI claim if you had one. From pre-existing medical conditions and self employment, to temporary work contracts and voluntary lay off arrangements- just some of the loopholes often in the fine print that can lead to a PPI policy not paying out on your claim and adding to the reasons to reclaim PPI.
As a result of these and other failings, the Financial Services Authority has fines many of the high profile banks and lending institutions because they broke the principles of fair conduct in selling these PPI policies to their customers.
With a few quick questions we can determine whether you were mis-sold PPI and with your signed authority, we will reclaim PPI on your behalf to get your money back for you.
Please call the number below or fill in the Claim Online contact form and one of our qualified agents will call you back and help you determine if you have a case for a PPI refund.
