MIS-SOLD LOAN INSURANCE?

Have you ever borrowed money in the form of credit cards, a loan or a mortgage? If so, you may have been sold Payment Protection Insurance and you could be owed thousands of pounds in compensation.

Payment Protection Insurance, also known as PPI or loan insurance makes the sellers about £5 billion each year but the financial watchdog has said that over 40% of it is mis-sold. Payment Protection Insurance is insurance that will pay out a sum of money to help you continue paying your monthly payments on credit cards, store cards, catalogue payments, mortgages and your car loan if you are unable to work.

To find out whether you have been sold or mis-sold this insurance look at everywhere you have borrowed money in the last 6 years, including finance agreements, your credit cards, store cards, personal loans and most importantly your mortgage.  If you are unsure, phone the company that lent you the money and they will tell you. These 3-4 phone calls are certainly worth the effort.

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Payment Protection Insurance was recently described as “the biggest scandal in financial services after pensions and endowments”.  The scandal is that it has been sold to many people without their knowledge and often when the company selling it knew that the consumer would never be able to use it but sold it to them anyway. 

If this product was not clearly explained to you by the sales person and they did not ask you specific questions then you could be owed thousands. The average claim we are acting on is more than £3000!