What is Payment Protection Insurance?

In theory PPI is a good idea. It is a policy which will cover the repayments on a loan, credit card and other products such as car fiancé. However, PPI that is bought from lenders along with the product, tends to be poor value for money and you may end up paying £1000’s for a policy which was possibly mis-sold and you may never actually use.

 

The Financial Services Authority have been fining lenders ‘for serious failings in their sales of Payment Protection Insurance Insurance’. The FSA fined Alliance & Leicester £7 MILLION because they mis-sold Payment Protection Insurance Insurance. Its not only just Alliance & Leicester, Egg Banking Plc were fined £721000.00, G E Capital were fined £61000.00, Capital One Bank were fined £175000, and many, many more.

 

Who can Claim?

If you have an agreement with any of the major Lenders, ie Capital One, NatWest, Barclays, to name a few, you may be able to claim, if you can prove that the Payment Protection Insurance Insurance was mis-sold to you. Even if you have a car loan or protection on household goods, you may have a claim.

 

Were you told it was compulsory?

If you were told, when signing the agreement, that the insurance was compulsory, you have been mis-sold the policy.

 

PPI is not compulsory and you also have the choice to choose a different policy, from a different company and a lot cheaper to the one being provided with the loan/credit card.

 

Were you told you were more likely to be accepted if you took out the PPI?

This is just a sales pitch to get you to take out the policy, again you have been mis-sold the product. One of our clients was told when he purchasing a car that if he didn’t purchase the PPI he could not drive the car off the forecourt!!!!!!

 

Are you actually aware you have PPI?

If you are not actually aware that you had the policy, you have defiantly been mis-sold the product

 

FAS WILL CHECK YOUR AGREEMENT FOR FREE

Were you self-employed, unemployed, retired, due to go on maternity leave, or knew you were about to be made redundant?

 

9 times out of 10, if you were any of the above when you took out your loan/credit card, the Payment Protection Insurance Insurance would not have paid out. You would be literally paying for an insurance that would never cover you or pay out to you!

 

LET FAS SEE IF YOU HAVE A CLAIM, COMPLETE OUR QUESTIONNAIRE click here

How long is the Term of your loan?

If you have got/had a long term loan and taken PPI cover out with it, there is a chance that the PPI will run out before the loan is paid in full. The majority of PPI only runs for 5 years, so if you took out a loan that takes 10 years to pay back, you might only be covered for 5 years!

 

COMPLETE OUR FREE, NO STRINGS QUESTIONNAIRE click here