Were you mis-sold loan insurance?
If you have a loan of any kind, did you know you may
have been paying for insurance you didn't want or
need?
You may have heard about PPI (Payment Protection Insurance) in
the news, as millions of wronged consumers seek compensation from
the banks. Also known as loan insurance, PPI has been widely
mis-sold to borrowers, advertised as an insurance policy to cover
the repayments on a loan if they should suffer financial
difficulties.
Unfortunately, many people were found ineligible for the cover
and turned away when it came time to claim. The bitter truth is
that these PPI policies are only appropriate for a small
proportion of customers.
You may have been mis-sold PPI if it turns out that you were
sold a policy that was inappropriate for your needs or your
situation. Take a look at our Grounds for PPI
Compensation page and see if any of the reasons listed apply to
you - you might be surprised to find that you have been
paying for insurance you will never be able to use.
You could also have been mis-sold PPI if the broker who arranged
your loan misled you with regard to what it was, or failed to
explain its true nature to you. Many people were told that they
needed to pay for PPI if they wanted the loan, or that it would
cost them less if they took out a policy.
If you were told this, then you were misinformed and it is a
clear case of mis-selling. PPI policies are entirely optional, and
customers are supposed to be given an opportunity to consider the
offer, as well as shopping around to see if they could find cheaper
loan insurance elsewhere.
And, in perhaps the sneakiest tactic of all, some people had a
PPI policy added on to their loan without even being told it was
there. For example, you may have been offered a "fully protected
loan", without being told that the protection entailed an expensive
PPI policy and that it was not compulsory.
Even if you don't recall being informed about loan insurance or
PPI when you took out the loan, it is worth checking your
statements anyway - you could be entitled to claim
thousands.
If you suspect your PPI policy was mis-sold, Claims Financial
can help you make a PPI claim quickly and easily.
"I just had to put pen to paper and write to say I'm more than delighted with my settlement that you won me back from my PPI I had with Lloyds TSB. The Claim Forms were simple to fill in. It was a breeze"
Mr R Evans 11 Nov 2010