Mis-Sold Payment Protection Insurance (PPI)
Payment Protection Insurance (PPI) policies have been subject to a great deal of debate and controversy in recent times and particularly over the last year- following the ban of their sale at the time a loan is sold back in May 2009. The ban was brought into force as a result of campaigning by consumer groups, who asserted that the premium for single premium PPI policies was added to the total debt and as such would incur interest.
Payment Protection Insurance Claim Specialists
At HLPROnline.com we are fully acquainted with the laws and regulations involved in the process of reclaiming all funds put towards servicing mis-sold PPIs and are currently helping a large number of our clients to get back the money they shouldn’t have had to part with in the first place. As well as resulting in a nice lump sum, following a successful PPI claim
, monthly loan payments will be reduced as the PPI portion of the total amount owed is removed. In certain circumstances there can be an even greater financial benefit, particularly if the loan was taken out prior to April 2007.
Can I Re Claim a PPI?
If you took on a loan which incorporated a PPI policy after January 2005 then there is high likelihood that the PPI was mis-sold in the eyes of the law. If it is deemed to be a mis-sold policy then this means that it is unlikely that you will ever benefit from it, yet will continue to pay for it.
The recently imposed regulations on mis-sold Payment Protection Insurance put the ball firmly in your court and gives you the opportunity to get back a potentially substantial figure.
In order to assess whether you are eligible to make a claim, consider the following points, if any of them apply to your situation then please get in touch
with us to get an indication as to whether you have a case. We are happy to provide you with a complimentary audit in order to judge whether you were in fact mis-sold a PPI policy and would benefit from our expertise in helping you to get back what you are owed as a result:
- Told that you would only be able to take out the loan if you also took out a PPI policy?
- Pressured into purchasing the policy?
- Informed of the amount due both with and without the PPI?
- Requested to provide information about your medical history?
- Notified that you are not covered for the entire term of your loan by the policy?
- Required to complete a ‘Statement of Demands and Needs’?
- Informed of the total amount repayable for the insurance and associated interest?
This is by no means an exhaustive list of the points of contention associated with the sale of Payment Protection Insurance, to find out for sure if you were mis-sold PPI, please get in touch with our in-house experts.
Unenforceable Credit Agreement (UCA)
In addition to ascertaining whether you were in fact mis-sold PPI, we will also be able to assess whether it would be in your best interest to claim for mis-sold PPI or an Unenforceable Credit Agreement (UCA). If the loan was taken out before April 2007 there is a good chance that your claim could fall within the parameters of the UCA ruling: under which the mis-selling of an ancillary financial product (such as PPI) can result in a strong claim for unenforceability. A successful claim for unenforceability would mean that you would not be required to make any further loan payments.
If your loan was taken out post April 2007 or is not regulated by the 1974 Consumer Credit Act then it is more than likely that a successful claim for mis-sold PPI would result in the refund of all monies paid towards the PPI as opposed to the writing off of the loan itself.
Either way HLPROnline.com are on hand to advise and guide on the pursuit of financial justice by whichever route So get in touch FOR FREE