Payment Protection Insurance
Have you been mis sold payment protection insurance?
Then claim it back now!
Payment Protection insurance is a policy which is meant to cover your monthly loan or credit card payments (or a percentage of them) if you become unemployed due to an accident, sickness or because you have been made redundant. This usually lasts for a period of 12 months. There are clear rules which finance firms and advisers have to follow when selling PPI - despite this, research shows that millions of policies have been mis-sold and many High Street names have been fined for mis-selling PPI. You could be owed thousands.
Many people are unaware that this insurance has been added to their loan or credit card.
Check your loan agreement and credit card statements. The premium may be shown on your loan agreement as a lump sum which has been added to your loan. For credit cards check your statements to see if charges for insurance are added to your account every month.
Do any of these apply to you? If so you may have a claim:
. You didn't ask for PPI, but it was added anyway
. You were told the insurance was compulsory or that taking it would give you a better chance of getting the loan
. You didn't know it was optional or that you could buy cheaper cover elsewhere
. You were unemployed, retired, self-employed when you took out the cover
. The policy exclusions were not pointed out to you
If you're not sure you have a claim or not then please give us a call. Our team of experienced claims advisors are on hand to answer any questions you might have.
You can find out more at www.ppi.co.uk or by calling one of our advisors.
Our consultations are free, just call 0800 43 3025
Have borrowed money for any of the following purposes?
Debt Consolidation loan
Loan for a car
Store Cards
Mortgage
Personal loan
Credit cards
Here are a few examples of the real cost of PPI that the Citizens Advise Bureau has identified:
| Loan Type |
Loan amount |
PPI premium |
Premium as a percentage of total loan |
| Unsecured personal loan |
£8,993 |
£2,217 |
25% |
| Unsecured personal loan |
£11,000 |
£5,133 |
47% |
Hire purchase for
car |
£5,059 |
£2,157 |
43% |
| Unsecured loan |
£5,600 |
£744 |
13% |
| Secured loan |
£25,000 |
£12,127 |
49% |
| Secured loan |
£35,000 |
£10,150 |
29% |
Conditional sale
for car |
£4,300 |
£2,394 |
56% |
Citizens Advice Bureau PPI report findings Sep 2005
If you have been mis-sold Payment Protection Insurance then we will help you get your money back.
Our Consultations are free, just call 0800 43 3025
If you're not sure whether you have been the victim of mis-selling then please give us a call. Our team of experienced Claims Advisors are on hand to answer any questions you might have and will be happy to help in anyway they can.
Payment Protection Insurance Claims
Accident Sickness Unemployment Protection, Redundancy Protection, Loan Protection and Mortgage Payment cover
Accident, sickness and unemployment, redundancy and Mortgage payment cover are similar types of PPI sold alongside loans or mortgages.
What will happen if I lose my job or become ill? How will I cover my costs?
Faced with these concerns, taking out accident, sickness and unemployment (ASU) cover or other income protection seems to make perfect sense. This kind of cover typically gives you a monthly tax free income should you be unable to work.
That's the theory. The reality can be different. As too many people are discovering, these expensive payment protection policies often don't pay out a penny when the going gets tough. In fact, they invariably add to our financial burdens rather than provide us with a safety net.
The small print in policies documents often contains numerous exclusion clauses. The income protection policies are invalid if, for example, you have a pre-existing medical condition. Stress and back problems are frequently not covered. Recurring conditions are excluded. Self-employed people often have to stop trading completely in order to make a claim.
Loan Payment Protection Claims
Personal Loan Protection (PLP), including secured loan insurance and unsecured loan insurance, is one of the most common forms of payment protection. It's also one of the most expensive.
This kind of loan payment protection can be sold with just about any loan. Secured loan insurance is tied to an asset, usually your home. Unsecured loan insurance does not require this kind of security.
You might have purchased loan payment protection when you signed up for a loan to buy a kitchen or a car or to consolidate your debts. You could also have purchased it as credit card payment protection when you applied for a credit card. You might not even know you have Personal Loan Protection (PLP) insurance but be paying for it all the same.
This kind of cover can add a staggering amount to the total size of your debt. Moneyfacts data has looked at hundreds of cases and revealed the astonishing cost of loan payment protection. On one loan of £5,000, for example, the payment protection insurance premiums totalled £1,300 - over 20% of the total loan.
So should you have looked more closely at the terms and conditions? Not necessarily. If the costs of PLP were not made clear to you when you took out your loan, you may have a claim for mis-sold loan protection. If you have, call on us.
Were you Mis-Sold?
These are just a few examples of how your policy may have been mis-sold:
- You were told you had to have PPI to get the loan
- You were pressured into buying PPI by a pushy sales person
- You had medical problems in the past
- You were not told that PPI was included in your financial product
- You were self-employed, unemployed, redundant or retired at the time
- One call to us could mean getting back thousands, just call 0800 0433025
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