Payment Protection Insurance Claims

If you have ever applied for a loan, mortgage, credit card, store card or HP you will no doubt have been offered an insurance plan that “protects” or “covers” repayments in the event that you cannot make the payments, maybe due to ill health or redundancy.

These PPI policies have been at the heart of a scandal in recent years. These policies are not the same as life insurance policies which are often what are sold when obtaining a mortgage.

Many financial institutions have persuaded people who would not actually be covered by these policies to take them out. These include self-employed people, people with previous medical conditions, retired people and unemployed people.

Sales of payment protection insurance are regulated by law. Companies that sell this insurance must adhere to strict guidelines set out by the Financial Services Authority (FSA). If they have not adhered to these guidelines then you may be able to make a claim against them.

The FSA has taken action against some of the lenders for various failings relating to the selling of these PPI policies. Fines have been issued against some of the high street lenders.

If you can answer no to one or more...... possibly have been mis sold a PPI policy.

• Were you told that the insurance was optional and that the insurance was not compulsory?
• Were you told of any exclusions under the policy e.g. were you asked if you had any pre existing medical conditions?
• Were you told that the insurance would be added as a single sum to the loan and that you would then be paying interest on this amount?
• Single premium payment protection insurance usually only last for 5 years if your loan term was longer than this were you informed of this fact. That you would not be covered for the remaining term of the loan?

If you put a ‘no’ to any of the above you may be able to make a claim.

If you wish to request that we look into your claim for you please complete the form above and one of our consultants will contact you to take further details from you, at a time that is convenient to yourself.