Claim Back Payment Protection Insurance
Employment cover, illness and accident cover, PPI. No Win, No Fee!
There are hundreds of reasons why Payment Protection Insurance has been mis-sold, therefore the likelihood is that your PPI policy wasn’t sold correctly.
An average PPI Claim is £2,400 and takes between 8 to 14 weeks to settle.
What is Payment Protection Insurance?
Payment Protection Insurance also known as PPI, Loan Protection, Employment Cover, Illness and Accident cover. This type of policy is usually sold when taking out either a Loans, Credit Cards or any other form of Financial Agreements including Hire Purchase.
The policy is there to cover your monthly payments in case you are out of work dues to accident, sickness and Unemployment. However, only 4% of PPI policies are ever claimed on and of those approx 25% are then rejected by the insurers.
How has the payment protection policy been mis-sold?
FSA Comments:-
· A lender must conduct its business with integrity.
· A lender must conduct its business with due skill, care and diligence.
· A lender must pay due regard to the interests of its customers and treat them fairly.
· A lender must pay due regard to the information needs of its customers, and communicate information to them in a way which is clear, fair and not misleading.
· A lender must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment
Most common reasons for PPI being Mis-sold:
· I was led to believe that the payment protection insurance was compulsory when I took out my loan.
· I was self employed or unemployed when I took out the loan.
· I was not informed of the policy exclusions that might affect me before I was sold the payment protection insurance.
· I was not told I could buy PPI elsewhere.
· I was not asked if I had other insurance that would cover my loan.
· I was told that PPI was required to get the loan.
· I paid back my loan early but i received no refund of the PPI.
· I increased my loan and the PPI premium was increased.
· The terms & conditions of the PPI policy were not properly explained to me.
· I was outside age restrictions at the time the loan was taken. (Over 65)
Detailed reasons how PPI has been mis-sold:
Employment Status
If you’re sold insurance to cover unemployment, but you are not an employee, the policy does not fit the purpose. If any of the following apply to you at the time the policy was sold, you may have a right for a reclaim on these grounds.
· Due to retire.
· Returning to full time education.
· Due to be redundant in employment.
· Due to take maternity leave.
· Working part time.
· Temporary contractor.
Age Restrictions
PPI may be included with a loan when the applicant is too old for the cover provided, therefore we can recover these premiums and stop future payments on the payment protection insurance.
Medical Conditions
The problem here is with pre-existing conditions. PPI is bundled with a loan without asking basic questions to determine suitability.
· If you weren’t informed the policy could be affected by medical problems or were never asked about your medical history, then any claim rising from such medical problems could be rejected.
· Point this is a clear case of mis-selling. Classic examples of this are those who have suffered a some point from stress or back problems.
· Point any future loss of earning that can be attributed to these problems would not be covered.
Sick Pay
Your Employment contract may be such that sick pay will cover you in the event of being unable to work just as well as any PPI. You don’t need it and so can re-claim.
Single premium loan policies
This is where you are charged for the full price of the PPI at the start of the loan agreement and premium is added to the loan. Therefore you will pay interest on the PPI policy.
· Why allow you to pay-as-you-go when they can get you to pay up front and charge you interest on top! You are charged PPI for the full duration of the original agreement.
· However, if you settled the loan early, you should be able to claim a refund to cover the period for which you’ve pay up front, but don’t need.
What can you claim back for me?
We claim PPI premiums paid with Statutory Interest of 8% whilst stopping any premiums yet to be paid. In the majority of cases will reduce your monthly premium dramatically.
Does this affect my credit rating?
No. Your credit rating will not be affected by claiming back payment protection premiums as this part of your loan or credit card and can be canceled at any time.
How much will it cost to claim back?
We believe in working on a No Win, No Fee basis to ensure that we work efficiently on your case.
Our charge is 25% (Plus VAT) of any monies we recover.
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