Loan PPI Claim

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 to be ineligible for the cover, and were 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.

Some people even 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.