PPI Claims - Reclaim Mis-sold PPI

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Latest PPI News: 20th April, Bank Lose Court Case

If you have taken out any form of unsecured finance (e.g. a credit card or loan) the lender may have suggested or even insisted that you take out payment protection insurance (PPI) to protect you against not being able to work due to ill health, accident or to protect you against redundancy. PPI is commonly sold alongside loans and credit cards and is designed to help you if you are unable to meet your monthly repayments.

However, the Financial Services Authority have recently admitted that there have been some serious failings in the way that PPI has been sold to consumers and this is where it all starts going wrong.  According to Citizens Advice Bureau you might be paying an additional 15% to 40% on top of your loan.

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You may not even know or even actually need the cover or even worse, due to complexities in underwriting or exclusions, you would not be eligible to claim when you need to.

How do I know if I can make a PPI claim?

PPI cover can be purchased at the same time as the loan, mortgage or credit card is applied for, taken out later, or offered as a stand alone policy.  You could have been mis-sold a PPI and you could be owed compensation if:

  • You were not informed of the costs and that it was optional
  • You were not made aware of the policy's exclusions
  • You were not given a full explanation and asked about your employment status or medical condition
  •  You was not in work or was self-employed at the time of sale
  • You was told you had to take out the PPI policy at the time of the loan / credit card (you were led to believe Payment Protection Insurance was compulsory)
  • You was not asked whether you had any other insurance which could cover the loan
  • You was not told you could buy PPI cover elsewhere to cover the loan
  • You were told you would stand more chance of being accepted if you took out PPI
  • You felt pressured into buying the PPI policy
  • You repaid the loan early and received no refund
  • You increased the loan and the PPI was increased automatically

PPI insurance has been widely mis-sold and you may not even know you have it.  We think that's unfair and now you can do something to stop it.

Even if the policy is no longer in place, and the money has been repaid, if you feel you were mis-sold, you can still make a claim for compensation and a refund of the premiums paid.  You might have had a loan and then consolidated this loan or other borrowings into a single new loan. You can make a claim on all the old loans not just the current loan.

Many borrowers are simply unaware that they have this insurance attached to a loan, never even realising that they might have been mis-sold in the first place.  The problem is on a large scale and many people are affected unknowingly. Insurance companies are receiving an influx of claims due to recent fines by the FSA announced in the press and from subsequent successful claims by consumers.

How can we help you get your money back?

We will work with you to ensure that you get the correct settlement or refund and any and all fair compensation that may be due to you as a result of mis-selling. We will deal directly with your provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.  There will be little required from yourself by way of input.

Please complete our PPI questionnaire and we will be able to advice you if you have a complaint.  If eligible we claim back all your insurance payments plus interest.  Your reward is 75% of the total payment made by the lender or insurance company. For further information please see our list of FAQs.

Useful Links

>>> Check if your Credit Card contract is unfair or unenforceable
>>> Check if your Loan contract is unfair or unenforceable
>>> Can I still reclaim unfair bank charges?
>>> Claims Questions & Answers
>>> Speak to one of our experienced claims advisers


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Claims Questions & Answers

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Industry estimates for the UK PPI market put the number of live policies at around 20 million, with between 6.5 and 7.5 million new policies being taken out each year. PPI premiums are said to total approximately 5.3 billion per year. Figures supplied by the Association of British Insurers, August 2005

In comparison, property insurance premiums total 8 billion and motor insurance 9.5 billion. UK insurance - key facts, Association of British Insurers (2004)

Stories of the credit industry making large, even excessive, profits from PPI premiums and commission regularly appear in the finance press. For instance the Guardian reported that Barclays made 240 million from PPI sales in 2000/01, with a margin of 70 per cent on payments made by consumers. The Guardian, Saturday March 6 2004

Lloyds TSB plc report income in 2004 from creditor insurance premiums of 114 million and commissions from broking creditor insurance at 377 million. 2004 results, Lloyds TSB Group plc (2005)