Many lending institutions were involved in the mis-selling of payment protection insurance in UK and as such were ordered to refund the affected borrowers. Let us try to learn what PPI is and what circumstances led it to be classified as mis-sold insurance.
PPI stands for payment protection insurance. This is a kind of protection against non-payment for lending products such as credit cards, mortgage payments, loan payments and other borrowing. The purpose of this type of insurance is to protect the debtor and creditor in case the debtor fails to pay the debt due to accident, sickness or unemployment issues. The insurance company pays the monthly installment and saves the debtor as well as creditor.
Although PPIs’ purpose is very useful but there were many cases the policies were mis-sold in the UK. Payment protection insurance is regarded as being mis-sold under the following conditions:
Not all of the PPI policies are mis-sold. For some, this is a valuable kind of insurance that enables the borrowers to service the debt even when unfortunate circumstances happen. Because of the scandal on the mis-selling of PPIs that affected millions of borrowers, lenders were ordered to refund the borrowers for mis-sold insurance.
Even if your account had been subjected to an add-on insurance known as PPI, there are some conditions to be satisfied to warrant the refund.
Borrowers who were not informed about the PPI and were forced to buy it can claim for the refund independently or with the help of a claims management company. The latter option is suitable for most people as it often provides maximum refund in the shortest possible time.
How far back can you claim PPI? is a question we are often asked. Due to our vast experience dealing with complicated and aged payment protection insurance claims we are usually able to claim back much further than most companies. As a guide we have for many of our customers managed to recover up to 15 years worth of mis-sold PPI and in some cases even more.
We are a specialist claims management company with a proven track record. Our team of industry professionals have over 15 years of combined experience and insider know how in both the financial services sector as well as the financial claims industry.
We have extensive experience in challenging the banks, lenders and insurance providers, who can often be difficult and uncooperative. We will complete all the paperwork for your convenience, so all you will have to do is sign the documents and return. We use specialist PPI solicitors to ensure the maximum compensation is awarded in the quickest time possible time. We have no upfront fees to make a claim and will only charge if your claims is successful. Our standard charge is 25% of the compensation awarded. If no compensation is awarded , there is absoloutely no charge.
Have you had a loan from any of the following lenders, Abbey, Natwest etc etc. Then there’s a good chance they also sold you PPI, maybe even without your knowledge! You may be entiltled to £000’s in compensation even if the loan has been paid off!
How We’re Different
We understand how intimidating and confusing legal jargon and claims packs can be. Our dedicated and experienced claims team are here to make the claims process as simple as possible for our clients. You will be allocated your own personal claims specialist that will complete the claim pack for you and send out the completed documents to you. They will manage the entire claims process for you, including all lender correspondence and document chasing. They will keep you regularly updated, keeping you informed at all times to the progression of your claim.
All you need to do is sign , date and return the pack by post and sit back… we will take care of the rest for you.