Debt help and PPI professionals
Have you been mis-sold Payment Protection Insurance?
If you have ever taken out loans or credit cards then you could have been wrongly sold PPI, without even knowing it. It is important to find out, as you probably are owed money in compensation.
What is Payment Protection Insurance?
Payment Protection Insurance was created to assist people with things like loans, credit cards, finance agreements and mortgages in the event that they found themselves in a position where they were unable to maintain their payments.
In theory this seems a sensible option, but in reality the Payment Protection was, for many, virtually worthless, and so was effectively mis-sold to millions of UK citizens. An estimated 20 million people may be in a position to make a claim for mis-sold PPI – and you could well be one of them.
Are you eligible for PPI Compensation?
There are many ways in which you may have been wrongly sold PPI. These include -
Being pressured into it - PPI is purely optional, so if you felt pressured in any way, were told you required it due to circumstance or profession, or were told it would stand you in a better position for receiving a loan - then you are eligible to claim.
Not being fully informed - Were the costs and practicalities of PPI fully explained to you? If not, you are eligible to claim.
Added without consent - PPI was automatically added to a vast amount of loans and mortgages in the UK. If it was added to yours without your consent, then you are eligible to claim.
Insufficient Cover - if your PPI policy did not cover the full amount of your loan or the full repayment period, then you are eligible to claim.
Employment status - Most PPI policies exclude people like the self-employed, students or pensioners – if this applies to you, then you are eligible to claim.
Medical Conditions - Pre-existing medical conditions are not covered by payment protection insurance, so if you were not informed of this, you are eligible to claim.
These are just some of the ways PPI policies have been incorrectly sold to consumers. If you are unsure whether you are eligible, one of our PPI advisors can help you find out.
Making a Claim
So if you have undertaken a loan, credit card or any other type of financial product with any company, and you have taken out Payment Protection Cover that you did not want, need, were unaware of or that was incorrect – then you have been mis-sold PPI.
Under current laws anyone that was mis-sold PPI is entitled to a refund, with any interest you have paid + 8% interest per annum since you started the policy.