If you've ever taken a PPI policy on a loan, you could have been mis-sold a policy and be entitled to claim compensation. Making a claim with The Claims Guys is simple. Simply click here or below and fill out the Response Form and you will be sent a compensation pack.
What is payment protection insurance?
Payment protection insurance, also known as PPI or Loan Protection Insurance is sold to you when you have any kind of loan. It is a protection insurance sold to cover your monthly payments in case you have an accident, fall sick or become unemployed.
How has it been mis-sold?
The problem lies with the person or organisation arranging the loan trying to sell you PPI. Some organisations have an aggressive approach to the sale of PPI. In some circumstances, the sale of PPI is so aggressive, that the person selling the insurance to you will not ask the right questions to make sure that the insurance is suitable for you. This often results, in you purchasing an insurance policy that will actually be worthless if you ever need to claim on it.
Who qualifies?
A variety of circumstances exist for determining whether you have been mis-sold a policy:
- Out of work or self-employed at the time when the policy was sold to you? - you probably cannot make a claim under the policy so it is effectively worthless
- Forced to take out the insurance in order to obtain the loan or financing arrangements? - you should be free to obtain the insurance from another, cheaper supplier
- Not asked at the time of sale whether you already had a PPI in place? - if you already had loans, financing arrangements or a mortgage in place, you may well already be covered or could have obtained an extension to that cover more cheaply
- No notification of exclusions in the insurance? - which might prevent you from making a claim under it
- No notification that you can get PPI from other sources?
- Receiving a considerable amount of pressure to buy the PPI?
- Paying a lump sum for the PPI without receiving advice that it is possible to make the payments on a monthly basis?
- Paying a lump sum up front for the PPI, but then paying the loan off early without getting a refund of that insurance premium?
- Increasing your borrowing and automatically having your PPI payments increased?
- Not having the terms and conditions of the PPI explained to you?
All PPI premiums actually paid plus a write off of premiums yet to be paid. In addition we are able to claim interest on any premiums you have already paid; in many cases this will significantly increase your claim.
What do I need to provide you with?
Simply fill in and sign the paperwork that we will send to you, then return to us in the envelope provided and we'll do the rest. This will help enormously with the time taken in processing of your claim. If we have to write to your lender to request a copy of your loan agreement, lenders normally take on average 40 days to return this, delaying the processing of your claim.
How long does it take?
Obtaining original signed copies of your loan agreement with your lender can be legally delayed by your lender for up to 4 weeks, which is why if you can send your original agreement with your pack this will speed up the processing of your claim. From the point of receipt of your loan agreement the legal procedure involved can normally take from 3 to 6 months.
How much does it cost?
After you have submitted details of your Loan Agreements you will receive written confirmation of the exact costs that will be involved.
Can I decide to stop my claim at any stage?
Yes, again your legal advisor will be able to talk through all such aspects with you.
Do I need to continue to make my PPI payments?
Yes for a period, again your legal advisor will be able to talk through all such aspects with you.
Will I still be able to take out other Credit Cards, Loans or Mortgages in the future?
Our Solicitors will utilise the Law, The Data Protection Act and The Banking Code to stop your Lender registering adverse information on your Credit File. Therefore, there is nothing to stop you being able to take out future credit commitments if you wish. Again your appointed solicitor will advise of any affects on your credit rating.
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The Claims Guys Limited, Lynnfield House, Church Street, Altrincham, Cheshire, WA14 4DZ is registered in England (Company No 06821134) and is regulated by the Ministry of Justice in respect of regulated claims management activities (CRM19382); its registration is recorded on the website www.claimsregulation.gov.uk.
The Claims Guys act as an intermediary service for the general public and law firms that have authorised The Claims Guys as an introducer.