Services: Mis-sold Payment Protection Insurance (PPI)

You are here: Services >> Claims Management Services >> Mis-sold Payment Protection Insurance (PPI)



Download a Mis-sold PPI Claim Pack

For more information about claiming your mis-sold ppi premiums back, complete the short form below and we will automatically email you our mis-sold ppi claim pack.


Background

Payment Protection Insurance (PPI) is offered to eligible consumers when taking out a loan or finance agreement to cover your monthly payment if for example: you are made redundant, or are unable to work due to illness or injury, or you lose your job. There are clear rules which should be followed by finance firms and advisers, however, independent research (Which?) shows that around 2 million policies may have been mis-sold.

 

Here are some examples of why you may have been mis-sold payment protection insurance:

  • You were told that you had to take out the policy to get the loan
  • You were told that taking out the PPI would increase the chance of the loan being approved
  • You weren't asked about any pre-existing medical conditions
  • You weren't told that you could purchase a similar policy elsewhere
  • You were self-employed, unemployed or working for an agency at the time
  • You receive a similar benefit through your employer e.g. NHS staff, police force, fire-fighters etc.
  • It was not made clear to you that the PPI was optional
  • You were not told that the PPI was added as a lump sum and that you would pay interest on it

There are also instances where the PPI is added to the loan without the customers consent or knowledge. Also, some PPI policies can be cancelled, and yet many of the customers that we deal with had tried to cancel the policy to be told that they couldn't.

 

You can pursue a claim for PPI that has been paid off or cancelled within the last 6 years or if you are still paying for it. We can also check loan, credit card and mortgage documentation for PPI that may have been added without your knowledge.


Eligibility

Payment Protection Insurance (PPI) is offered by lenders to consumers taking out a loan, credit card or mortgage and can also be called the following:

  • Mortgage Payment Protection Insurance (MPPI)
  • Credit Card Repayment Protection (CCRP)
  • Accident, Sickness and Unemployment Cover (ASU)
  • Life and Accident, Sickness and Unemployment Cover (Life & ASU)
  • Personal Loan Protection (PLP)
  • Payment Protection Plan (PPP)
  • Life Cover

LOAN RESOLUTIONS can accept the following claims:

  • Policy attached to an existing loan, mortgage or credit card
  • Policy with final or last payment made within the last 6 years (policy could have run out or been cancelled)
  • Policy was added as a lump sum or paid monthly

If you have made a claim on the policy, this does reduce your chances of being able to claim that the policy was mis-sold. However, if you did not receive what you were entitled to under the policy, you may have a valid claim.


Back to the top

Fees

LOAN RESOLUTIONS do not charge any upfront fee for mis-sold PPI claims.


Upon successful conclusion of a mis-sold PPI claim we ask for 20% of the amount returned to the client as our fee plus £50 to cover administration.


Back to the top

Process

  1. We will send you a PPI Claim Pack to read through and complete.
  2. Upon receipt of the forms we will raise your complaint with your lender and request a refund of premiums paid including the interest of the associated loan or credit card plus statutory interest.
  3. Your lender has 8 weeks to respond to your complaint, however, some lenders have a backlog of cases and take a few weeks longer than this.
  4. During this time the lender may reject the case, in which case we will pursue the claim further.
  5. If the claim is rejected with a final response, your complaint may need to be referred to the Financial Ombudsman Service (FOS), Finance and Leasing Association (FLA) or the Financial Services Compensation Scheme (FSCS). We will undertake this on your behalf.
  6. If your claim is upheld, we negotiate the settlement figure with your lender.
  7. Upon successful conclusion of your mis-sold PPI claim we will invoice you for 20% of the amount recovered plus £50.

Back to the top

 

Alternatives available to you

You can pursue a case for mis-sold PPI directly via your lender's complaints procedure or the Financial Services Ombudsman. However, we do believe that our experience with these claims will increase your chances of the claim being upheld and receiving your entitled refund.

Back to the top

 

FAQs

How long does the claims process take?

As lenders have 8 weeks to respond to a complaint, we usually have an offer within a couple of months, or at least notification that the claim is going to be upheld. However, some lenders have a backlog and so a claim may take longer. If your claim is rejected by your lender, we may need to pursue alternative routes which will add more time to your claim.


I cancelled the payment protection on my mortgage a few years ago - can I still pursue a claim?

If you suspect that the policy was mis-sold, then we can investigate a claim for you. We can accept claims where the last payment was made within the last 6 years.


What if I am in arrears with my payments?

Your lender can use your refund amount to clear any outstanding arrears.


Can my lender use my refund to pay off my loan or credit card?

If you are not in arrears, you are entitled to have your refund returned to you - it's your money. Your lender should not use the refund to reduce your loan or credit card balance. However, some lenders will refund the premiums made to date, and then reduce your outstanding balance accordingly, hence reducing your monthly payment amount.


Do you have a minimum claim value?

No - we will accept claims of any value.

Can I claim for mis-sold PPI if I have made a claim on the policy?

Yes. However, any amount that you have received via the policy will be deducted from your redress amount.


Could I pursue my own claim for mis-sold PPI?

Yes, you could. You can raise your complaint via your lenders complaints procedure and if you are not satisfied with the response, take your claim to the Financial Ombudsman Services (FOS). However, using an experienced claims management company may increase your chances of having your claim upheld and receiving your full entitlement.



Back to the top