Payment Protection Insurance claims

If you've taken out a loan, mortgage or any sort of Finance, chances are you've also got a payment protection insurance (PPI) policy attached to the agreement. If this policy was mis-sold, you can claim all your premiums back!

Other Names For PPI

There could be another hidden name for this such as, Payment Protection cover, Sickness and Unemployment Protection, Personal Loan Protection or Credit Repayment Protection, but it's still PPI.

What Does PPI Do?

This provides financial cover for people who are unable to work due to injury, illness or redundancy and is often sold on the back of finance agreements. There are an estimated 20 million policies that are active in the UK and critics have claimed that many of these have been overpriced and very difficult to make a claim on and often sold to customers that don't actually require them.

Costs

Premiums for PPI policies can add anything from 20% and as much as 50% more to the total amount to be repaid on finance agreements, making it even harder for borrowers to meet the monthly repayment. So why do customers end up with the policy?

They don't even realise it is part of the repayment until it turns up on their finance agreement. Many customers are informed that the policy is compulsory, and are often refused a loan without some form of PPI. Some loan providers even include the premiums within the loan repayment figures.

PPI is optional, cannot be included as a requirement of taking out a finance agreement and you have the right to say No!

Is PPI good for me?

Less than 20% of all PPI policies added/sold onto finance agreements are ever claimed against. Even then, not all of these claims are successful. When you take out a PPI policy there are certain rules which exclude you from making a claim.

These include that if you were unemployed, self-employed or knew of a pending redundancy when you took out the policy, it is likely you are ineligible to make a claim under any circumstances.

Even if a claim is successful, most PPI policies do not actually pay off debts, but only cover payments for a limited period, and sometimes only the minimum payment.

So, were you mis-sold PPI?

More than likely! Here are a few examples of how PPI can be mid-sold:

You were pressured into buying it.
You were told PPI was compulsory.
The terms and conditions were not explained fully to you.
The full costs of the PPI policy were not made clear.

If you suspect you've been a victim of being miss-sold a PPI policy, then please contact our team. We offer a professional and dedicated service. We deal with all the paperwork and will make sure you get maximum compensation in minimum time.