0161 798 8586 info@claiming4u.co.uk

About PPI

​PPI (Payment protection Insurance) is insurance that may have been sold to you when you were taking out a loan or credit card or any other type of financial agreements. The point of PPI was to ensure that your payments could still be made if the individual could not make them due to unemployment or ill-health.​

A large amount of policies were mis-sold because the lender would sell the policy to people that could not claim on the insurance.
Many people do not even know if they have been mis-sold PPI but due to the high risk of the mis-sell the regulators tell you to check if you had any form of PPI policy. If you believe this was the case then please contact us to make a claim before 29th August 2019 as the FCA (financial conduct authority) has announced this is the deadline announced. This means that if you want to make a claim it must be in before this date.

How do you know if you were mis-sold?

If any of the below sound similar get in contact before its too late.

  • The lender should have told you that PPI was optional so you did not need to take this out in order to get your loan etc. Many advisers did not tell people this, they made out like you needed to take out the PPI in order to be approved for the loan
  • Did the lender advise that you would not be covered if you had pre-existing medical problems?
  • When taking out the loan or finance of any sort did the adviser tell you that you would have to pay for the PPI in one payment? if you did pay for this in one payment was it made clear that the cost would be added to your loan and that you would in fact be paying interest on it?
  • PPI insurance specifically single-premium only last for five years, but many people have finance agreements for longer than this, did the adviser tell you that you would not be covered after this time? they should have also advised that you would still pay interest on the PPI even if it expired
  • After 14.01.2005 did the advisers persuade you to take out the PPI by saying they recommend you do this as it will improve your chance of being accepted for finance. If they did say this to you the next stage would have been to do a full fact find and a demands and needs statement to prove this policy was suitable to you and the reasons why

If any of the above happened to you or if you are not sure just give us a call and we will help you with the next step. We can even find out for you.

How much can I claim back?

You can claim the actual cost of the premium, this was normally added as regular charges on your credit card/loans and so on repayments.

You can also claim back the interest you were paying on the premium

You can also claim back 8% interest per year from the time you had the policy.

Bank Loans

Often added with­out the customer’s knowl­edge. charged as one lump sum at the beginning of the loan term.

Credit Cards

Some­times known as “card pro­tec­tion” often it was added auto­mat­i­cally and cus­tomers would need to actively “opt out.”

Secured Loans

Very expensive policies were added onto secured loans and mort­gages.

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