Payment Protection Insurance
Personal Protection Insurance or PPI, is an insurance usually taken out at the same time as a loan to protect the borrower against accident, sickness and sometimes redundancy.
There are many reasons why you may have been mis-sold this insurance. These include;
• You were self employed at the time?
• You were told that the insurance was compulsory?
• You were not asked about previous illnesses?
• You were not told you could get it from an independent provider at possibly a lot cheaper?
| Loan Type | Loan Amount | PPI Premium | Premium as a % of the Total Loan |
| Unsecured personal loan | £8,993 | £2,217 | 25% |
| Unsecured personal loan | £11,000 | £5,133 | 47% |
| Hire purchase for car | £5,059 | £2,157 | 43% |
| Unsecured loan | £5,600 | £744 | 13% |
| Secured loan | £25,000 | £12,127 | 49% |
| Secured loan | £35,000 | £10,150 | 29% |
| Conditional sale for car | £4,300 | £2,394 | 56% |
Following a report from the Citizens Advice Bureau, the Financial Services Authority (FSA), conducted their own investigation into the selling of PPI and concluded that thousands of consumers could have been mis-sold this insurance.
This paved the way for consumers to now challenge their payments of the PPI.
If you feel you may have been mis-sold PPI, contact WipeOutDebtsLegally on 0800 542 0148 and we will reclaim the maximum amount for you on a ‘No Win, No Fee’ basis.
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Payment Protection Insurance (PPI) is offered with nearly every type of credit and if it was mis-sold to you we may be able to claim back every premium previously paid, which could be thousands of pounds.
There are many reasons why you may have a valid claim, when obtaining credit were you: Self-Employed, Retired, Student or Housewife? Told you had to take out the PPI to get the credit? Pressured into taking PPI? Told that you could buy PPI from an independent provider (which can be 80% cheaper)?
If you answer yes to any of the above you may have been mis-sold and may be therefore entitled to a full refund.
Following a complaint by the Citizens Advice Bureau which highlighted serious failures in the PPI market, the Financial Services Authority conducted an investigation into how PPI is sold.
They concluded that tens of thousands of people could have received bad advice. Many people didn’t even know that they had PPI.
If you think your PPI may have been mis-sold, “Wipe Out Debt Legally” can help. We will advise if your claim is likely to be successful and then manage the whole process for you. We’ll update you every step of the way and, if necessary, we’ll refer you to our panel of Solicitors to ensure justice is delivered.
Not sure if you were mis-sold? Please call us now on free phone: 0800 542 0148 for a free consultation and free advice. Alternatively fill in your details here.
If you’re not sure whether you have been the victim of mis-selling then please give us a call. Our team of experienced Claims Advisors are on hand to answer any questions you might have and will be happy to help in anyway they can.
If you feel you may have been mis-sold PPI, contact InDebtSolutions on 0800 542 0148 and we will reclaim the maximum amount for you on a ‘No Win, No Fee’ basis.
