Mis-sold Payment Protection Insurance?
They Owe You!
In theory PPI (also marketed as Accident, Sickness and Unemployment cover or ASU for short) is designed to maintain repayments on borrowings following certain events, as implied by the product description
SOLICITORS HELPLINE 0845 180 1888
^^ back to the topThese policies do not cover the self-employed or short-term contractors. It is important to read the small print before proceeding to purchase the policy. Insurance cover sold to a self employed person or to a short term contractor is usually a mis-sold payment protection insurance policy justifying a PPI compensation claim solicitor to take legal action.
It is now a well-known fact that as many as 9 out of 10 of the biggest lending institutions include the cost of PPI/ASU in their repayment quotations. Some lenders may add the full cost of the insurance to the loan up front, rather than charging it monthly thereby accruing additional unfair interest. If this has happened to you its to your advantage to discuss the matter with a PPI compensation claim solicitor
As long ago as 2000/2001, one major high street lender made over £250 Million (equivalent to 10% of its world-wide profits), enjoying a 70% profit margin on the price paid by its' customers totalling over £350 Million.
In September 2005, Citizens Advice Bureau commenced a `super complaint' to the Office of Fair Trading, calling on them to launch an investigation into the mis-sold payment protection insurance scandal, whereby an estimated 20 million PPI policies are in force, which produce annual revenue in excess of £5 billion, many of which may have been mis-sold.
Nearly all sectors of the consumer credit market from mortgage lenders and hire purchase companies to major high street banks and credit card companies enjoy the spoils. The pursuit of profitability comes at a price to the consumer when PPI may often increase the cost of borrowing by around 9% a year.
Borrowers are often sold completely inappropriate policies when they take out credit agreements. In many cases, pressurised selling practices and inertia selling are used to ensure people purchase policies which they neither want nor need nor benefit from. A PPI compensation claim solicitor will be able to advise you about your legal rights.
Even when consumers do make a successful claim, the amounts paid out do not ensure they remain debt-free; some paying out for only a year and then only in respect of minimum payments. This is a particular problem for vulnerable consumers, who are also at greatest risk of encountering financial difficulties.
The majority of consumers rarely understand the products and aside from mortgage protection, these policies represent poor value. More often than not, they proceeded at the insistence of their (often unscrupulous) lender.
If you are one of these unfortunate people who were mis-sold payment protection insurance, you may be entitled to damages and you should contact a PPI compensation claim solicitor now. You only have one opportunity to make a claim and if you get it wrong you may lose your chance to claim compensation forever.
SOLICITORS HELPLINE 0845 180 1888
^^ back to the topWhy not get expert support to greatly improve your chances of securing the maximum compensation you deserve using our no-win no fee service? We call upon experienced lawyers, accountants and actuaries to assist our claims team and our PPI compensation claim solicitors can advise at an early stage on the prospects of recovery of damages. If you would like free advice on our no win no fee compensation scheme just complete and send the contact form or call the helpline and an experienced financial claims adviser will discuss your potential claim at no cost and with no further obligation.
In order to establish liability we are able to call upon the services of an independent network of qualified actuaries, insurance experts and academics who work together as a specialist team when necessary to assist in settling cases. Our PPI compensation claim solicitors use the no win no fee scheme and if the complaint is unsuccessful we will not make any charge to you. Our payment protection insurance compensation claims are completely risk free and you will not have to pay for any expenses during the course of the legal action. If you would like free advice, without any further obligation, just use the helpline, email our offices or complete the contact form.