PPI

                                   MAKE A CLAIM FOR MIS-SOLD PPI 

You may not know exactly what PPI is - you should, because there is a fair chance that you have it (tens of millions of policies exist in the UK).

Payment Protection Insurance, or PPI, is the insurance that is sold alongside loans, credit cards, store cards and debt products like car finance agreements, that is supposed to cover the repayments if you can't make them.  

What's more, there's a fair chance you were mis-sold it, and could reclaim your money back. As many as two million people may have been mis-sold policies since 2003. Look how expensive it is!

CAR LOAN - PPI 38% OF LOAN BALANCE

UNSECURED LOAN - PPI 44% OF LOAN BALANCE

SECURED LOAN - PPI 36% OF LOAN BALANCE

We can help you to reclaim premiums on these policies in conjunction with our legal experts. Insurance is a vital financial commitment and Claim4Refunds totally supports the principles of taking an affordable insurance policy to protect your family. However, not when it is expensive, hard to claim on and often mis-sold. Alliance and Leicester, Liverpool Victoria and Egg are just some of the lenders that have been handed out hefty fines for the mis-selling of loan and credit card insurance by the FSA.

The problem is firstly that PPI bought from a lender is extremely poor value for money, with any potential benefits far outweighed by the huge cost.

Secondly, PPI is very often sold to people that can never claim on it. The terms are tightly drawn so that most of the instances where people hope to claim are not covered. Most policies don't pay if you are:
- Self-employed
- Retired

Or stop work because of:
- A medical condition that existed before you took the insurance, even if you weren't asked about it.
- Stress or back problems

And if you had needed to claim on your insurance policy (for instance you are made redundant or are off work with an accident or sickness) lenders make it very difficult. We understand that experts estimate that only 1 in 7 of claims made to lenders ever pay out.

There has also been evidence of firms forcing customers to buy it, wrongly claiming it's compulsory when it isn't or refusing to give a quote without it. There are even cases where the insurance has been added without the permission of the customer.

In the worst cases, already expensive PPI is paid for up front and the money to pay for it is added to the loan you are taking out. This way of selling PPI, known as 'single premium', means that you end up paying interest on the cost of the insurance. When customers go to cancel the insurance they are told that it cannot be cancelled without recalculating the entire loan.

If you’ve been mis-sold PPI then you could be one of the millions of people who could AND should claim it back.

Claim4Refunds is proud to stand up for consumer rights. If you think you may have a claim- call us today!  Freephone - 0800 848 8350