Whenever a lender enters into an arrangement with a borrower they have an obligation to offer best advice to their client.
This is a duty of care or fiduciary duty. It dictates that the lender must act in the best interest of the client and be open and transparent in all dealings with the client or on the clients’ behalf.
The sale of single or block premium PPI breaches that duty of care over and over and over and is always disadvantageous to the client:
Block premiums can add up to 55% to the total loan and cost the borrower thousands.
Block premiums cannot be altered to suit the needs of the client nor can they be cancelled.
Block premiums attract interest at the same rate of the loan wildly increasing their true cost.
Block premiums are vastly overpriced sometimes 20 times over.
Block premiums vastly increase the cost of the loan and adversely affect the credit score of the borrower or reduce available equity and prejudice the ability to refinance or borrow extra funds.
Block premiums run for a maximum of 60 months and can leave the borrower without cover for loans which exceed 5 years.
Block premiums are almost never rebated if the borrower redeems the loan early and have to be settled in full.
Block premiums earn huge commissions of 50-80% for the lender which, by law, should be declared to the borrower. Failure to declare these premiums is a specific type of financial fraud.
There are many more breaches which we could cover but ANY of the above are enough to ensure victory in a PPI Claim. Not only have the lenders ignored their obligations to the client but they have ridden roughshod over the rules and regulations from their regulatory and supervisory agencies.
These are the real issues and problems with PPI and these are the issues we pursue through the courts if necessary. This ensures an almost total success rate in our claims process.
‘Misselling’ is not the basis of a case but merely reinforces the serious misdemeanours of the lenders.
Our legal process identifies many more issues than a claims management company and will offer the maximum payout for each client with no deductions from their settlement.
DO YOU THINK YOU HAVE BEEN MIS SOLD PPI?
We can help. If your claim is likely to be a success we will manage the whole process for you and update you every step of the way , it won’t cost you a penny*. If your not sure if you were mis-sold call us now for a free consultation.
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