• mortgage
• personal loan
• secured loan
• credit card
• store card
• catalogue credit

PPI is a financial product designed by the “Lender” to cover the cost of your repayment in the event that you are unable to work due to sickness or have become unemployed.

As lending money became increasingly competitive the banks had to look for new ways to increase their profit. By selling PPI alongside loans / card repayments they found a very lucrative way of making up the short fall for lending money at the “cheaper “interest rates.

The following is an example of differences between monthly repayments with and without PPI:

Borrow £5000 over five years at 6.5% interest
Monthly repayment without insurance: £95
Typical monthly repayment with payment protection insurance: £120
Difference = £25 (nearly 20%)
Potential refund = £1500 if policy mis-sold

As the PPI was amalgamated to the loan, the banks could earn interest on this as well.

What is PPI Mis-selling?

As PPI became very lucrative for the lenders, they would then try to sell PPI with every financial product they could regardless whether the customer could ever use the insurance. This became so widespread that the customer often did not even know they had taken out PPI.

Who can claim?

You may have been mis-sold if you fit into one or more of the following categories:

• Are / Were you self-employed, unemployed, redundant or retired?
• Have you had medical problems in the past?
• Has your provider already been fined for mis-selling?
• Were you sold a ‘single premium’ loan policy?
• If you did take a PPI policy did your lender forget to advise you that you could take alternative PPI cover elsewhere?
• Did you not know you had taken out PPI or told that PPI was compulsory?
  
  

IF SO DON’T DELAY – CLAIM TODAY

CLAIM NOW!