Reclaim Mis Sold Loan Insurance

Missold Loan Insurance and PPI claims

Have you ever borrowed money in the form of credit cards, a loan or a mortgage?

If so you may have been sold Personal Protection Insurance and you could be owed thousands of pounds in compensation. Every time you take out a credit card or loan you need to consider that unforeseen events such as:

• Temporarily disabled,
• Affected by crimes
• Death
• Serious Illness
• Unemployment

This is where your Payment Protection Loan Insurance Policy comes into play. In the event of any of the aforementioned conditions holding true, your PPI policy covers all due credit card and store card payments and loan repayments for the period of your inability to do so, extending to a period of up to two years.

This is especially useful if you aren’t financially prepared to deal with a lack of income to meet your expenses. In return for these services, the insurance company requires you pay a small percentage of your credit balance every month, so if you regularly pay off your balances and your credit balance is generally low, going for these policies seems like a good idea.

Were you missold loan insurance?

There are a few catches, however. In some cases, the payment for your credit card payment protection or PPI policy or Loan insurance turns out to be greater than the total interest due on your payments. So when you pay your Credit dues or repay your loans, you end up owing the bank a lot more than just the interest.

• There is also the issue of acceptability.
• If you’re aged 65 or above, work less than 30 hours a day, are self-employed or have a negligible credit balance, you might been sold a PPI policy even though you would never qualify to make a claim on it.
• In most cases, though, a PPI policy is sold without prior knowledge by the lender stating that the product is a “Fully Protected” plan.

Reclaim Missold Loan Insurance Today

PPI reclaiming in imperative for those who believe they don’t really require loan insurance and have simply been paying for a Payment Protection Policy because they weren’t aware of what it really was. Write a letter to your bank or local financial protection institution and ask for your money back, if you think you are eligible.

If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.

• 'No Win - No Fee' Service and No Upfront Fees
• Expert friendly advice
• We will handle your case from start to finish.

Click here to complete your PPI Claim Form