When you signed for your last loan, mortgage, or line of credit did you also sign up for Payment Protection Insurance? Have you even looked at your credit agreement because you may have been mis-sold PPI? Today is the day to take a look at your credit agreements. Millions of PPI policies have been mis-sold in the UK in the past few years which means that your policies may have involved some degree of mis-selling. Mis-sold PPI has generally occured in situations where a consumer accepts a loan, credit card, mortgage, or any type of loan financing, without being fully informed of the exclusions and the regulations surrounding actually making a claim using the policy.
Payment Protection Insurance is meant to be there for consumers when they fall ill, become redundant and lose their employment, or any variety of issues prevents them from making payments on their loan. Often it can happen that PPI is sold to people who do not in fact qualify for the benefits, which results in mis-sold PPI and worthless cover.
If you were mis-sold PPI without knowing, you might be entitled to reclaim your PPI payments via PPI claims. If you think you might be entitled to a claim, or even if you don’t know if you are entitled to a claim you can contact us today and allow us to help you. We can assist you in determining whether or not you are entitled to a claim.
If you were retired, unemployed or self-employed when the PPI was sold to you then you should claim because the PPI is worthless to you in these circumstances.
If you were told you must take out a PPI policy in order to qualify for the loan or other finance. You should also have been told that you are free to purchase PPI from any other supplier.
If you already had a PPI policy in place but were not asked this question; you may have been covered by an existing policy.
If you were not told that you could purchase PPI from other suppliers.
If you were not told about the circumstances in which you cannot make a claim.
If you paid for the PPI in one lump sum, without being told that you could pay for it monthly.
If you paid for the PPI in one lump sum and then paid off your loan (or other finance) early but did not receive a refund on your lump sum PPI payment.
If the terms and conditions of the PPI policy were not explained to you clearly.
If you felt that you were pressurised in to purchasing the Payment Protection Insurance from the supplier.
Commonly known as ASU insurance, these policies are often sold alongside mortgages or more substantial loans, and claim to cover your repayments should you become unable to work through unemployment, injury or long-term illness. However, loopholes often mean that the promised tax-free monthly payment fails to materialise when the worst happens. For instance, the small print usually excludes pre-existing and recurring medical conditions, whilst stress and back problems (two of the largest causes of absence from work) are frequently not covered. So if you are sold a policy that excludes conditions you already have, this could be classed as mis-sold PPI. What's more, if you're self-employed, you will probably have to cease trading altogether in order to make a claim.
Personal Loan Protection (PLP) is one of the most common forms of PPI, and also one of the most expensive. This sort of insurance can be sold alongside almost any loan, whether secured (tied to an asset, such as your property) or unsecured. Frequently, people take out this sort of insurance when making a major purchase such as a car or a new kitchen, or it may be offered alongside a credit card. In fact, you might not even know you agreed to this sort of insurance, but could be paying the premiums regardless! The sad fact is that the insurance can vastly increase the amount you owe – for one loan of £5000, the payment protection premiums totalled £1300 or a full 25% of the entire loan. If you were not aware of the fact that you even had the policy with your loan, or you were not aware that it is not compulsory, this may be considered mis-sold PPI.