What can I claim PPI on?
You can claim on PPI – Single Premium Policies. This type of policy is paid for in full and upfront to the insurance company at the beginning of the policy. Most loan companies will finance the full cost of the policy by adding the cost onto your loan. They forget to tell you that you will also be paying interest on that amount at the loan interest rate for the full term of the loan. You can also claim on the monthly PPI premiums that have been added to your credit card.
Have I been Mis-Sold PPI?
Many PPI claims are rejected due to exclusions that may not have been fully explained to you at the time of purchase. Many people who have current medical conditions will be excluded from cover. Self employed, short term contracts and people of certain age limits will also not be covered under many policies. In these circumstances these policies should not have been sold as the insurance is inappropriate to the borrowers’ wants and needs. Some policies are so full of exceptions or exclusions that borrowers are often unable to make a claim if the worst does happen. Many policies sold to protect the lender simply won’t perform when asked to at point of claim and in not doing so just makes large profits for the providers, leaving vulnerable borrowers without protection and further in debt having paid out for expensive PPI premiums.
What compensation will I receive?
Our primary goal is to return to you money that is rightfully yours and to reduce your outgoings. Your claim will typically result in the recovery of the WHOLE of the PPI premium that has been added to your loan, PLUS the interest, PLUS in some cases statutory interest.
Can I still claim if I no longer have the PPI policy?
Yes, even if the policy is no longer in place, and the loan or credit card has been repaid, if you feel you were mis-sold, you can still make a claim for compensation and a refund of the premiums paid. You might have had a loan and then consolidated this loan or other borrowings into a single new loan. You can make a claim on all the old loans not just the current loan.
Can I see examples of typical PPI claims?
Example A
Loan amount: £12,000
PPI Premium: £3,800
Interest Rate: 8.8%APR
Loan term: 60 months
Number of monthly payments made: 60
PPI Interest paid to date: £910
This claim would typically result in a refund of £4,710+ 8% statutory interest of £1,005*
Total claim: £5,715
Example B
Loan amount: £28,000
PPI Premium: £5360
Interest Rate: 7.55%APR
Loan term: 180 months
Number of monthly payments made: 72
PPI Interest paid to date: £3588
This claim would typically result in a refund of £3,588 + 8% Read more...
