One day you find some old loan documents and voila, you seem to have been charged for Payment Protection Insurance or Loan Repayment Insurance.
So you dutifully contact your bank ‘Hello I have a loan with you for £15000 and have found out that I have PPI, it amounts to £5600?’
You never hear from them again. So now you put it to the back of your mind and forget about it. Months later you realise that they haven’t contacted you and you put in a complaint to them about the fact that you have PPI and that they haven’t responded yet.
The Lender ignores you again.
So you employ a claims management company to get into the ring and fight them on your behalf. They also take months to respond as the banks are allowed 8 weeks to collect data and comply a response to your accusations. Then out of the blue you get an offer. Not a big offer. Not the settlement that you deserve having waited this long. They haven’t offered to reimburse you any money, BUT they have very kindly looked into the allegation of misselling of PPI and pointed out that you had time to cancel the policy at the start (28days) and that you agreed to it anyway having signed alongside the PPI explanation at the time of the loan application.
They have made you a ‘Gesture of Goodwill’. How very benevolent of them. Your lender admits nothing. They say that they have done nothing wrong legally or morally and as they would like to keep your custom they are offering you £800- which they will transfer into your account with 7 working days. The problem will just disappear in a puff of smoke.
So, what do you do now? Your lenders haven’t admitted to anything. You have calculated that the premiums paid are £4300 plus all that nasty interest of let’s just say £1200. Also on many settlements there is a standard straight 8% added as a small recognition of compensation, another £440. What do you do now?
It won’t surprise you to know that many people take the money and run. Of course the lender knows this.
So you just take it as you don’t want the hassle and you’re going on holiday anyway.
We will ask some awkward questions of your lender to which they will have to discharge the burden of proof to our allegations of misselling. We will look at each case to assess its merits and if required refer it to our small expert legal team. They will contact the lender having carefully calculated what you are owed and ask the type of questions to which they will prefer not to answer. They will if needed also issue County Court proceedings against your lender. Our team will look for any breaches of Fiduciary Duty if a broker was used; we will also look for evidence of ‘Secret Commissions’ or ‘Improperly Disclosed Commissions’ paid by the lender to the broker. Dependant on the type of claim we could put together heads of claims that also include compound interest claims. This would dramatically increase the size of your compensation and would take your claim from the ignore pile across into the take seriously file.
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