Payment Protection Insurance (PPI), or Accident, Sickness and Unemployment Cover (ASU) has been sold alongside credit agreements for years – it’s our remit to make sure that any mis-sold cover is recovered for you through our PPI Claim process.
The purpose of PPI insurance was to ensure loan payments were paid if you were unable to work due to illness, unemployment or became incapacitated – and they were often added to Secured Personal Loans, Credit Cards, Hire Purchase Agreements and Mortgages.
Whilst the spirit behind Payment Protection Insurance may have been sound, it has been uncovered that many policies were mis-sold by institutions both large and small. At Premium Recovery we can help you with your PPI Claim and if you answer yes to any of the following questions you could receive thousands of pounds in compensation from a successful PPI Claim:
- Were you pressured into taking out PPI on a loan?
- Did you increase or top up your loan, with the PPI added automatically?
- Were you told taking out PPI would increase your chances of being accepted for the loan?
- Were you self employed or unemployed when you took out the loan?
- Was your loan repaid before the end of its term but you never received a PPI refund?
- Were you sold an insurance policy that did not cover you for the full term of your loan?
- Were you asked whether you had other cover in place when you took out the PPI?
- Were you aged 18 years or over and under 65.
- Did you live in the UK?
- Were you in paid work of at least 16 hours per week and not off sick?
- If you were self employed the PPI may not be suitable to your needs were you informed of this?
- Were you told you have the right to cancel the policy usually during a period of 30 days from the date of purchase of the policy?
If you answer yes to any one of these questions then contact Premium Recovery today and we can help you to make your PPI Claim with a view to receiving compensation. Premium Recovery Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities; its registration is recorded on the website www.claimsregulation.gov.uk.
Payment Protection Insurance can take care of loan repayments for a few months up to a few years if the customer is unable to make the repayments themselves due to accident, sickness or unemployment. For the level of cover they provide these policies are usually very expensive, and often include significant exemptions which will make it difficult for the policyholder to actually make a claim.
Which? magazine recently found up to two million PPI policies have been sold to people who may never be able to make a claim, which is why Premium Recovery works with you to reclaim your PPI through our PPI Claim process.The FSA (Financial Services Authority) has recently judged the ‘fine print’ attached to these policies to be “unfair” as they would often exclude claims from policyholders especially in the case of redundancy or illness, and we’re pressing forward with PPI Claims for all our clients, from all over the UK who feel let down by trusted institutions.
Do Banks Get fined for miss-selling PPI?
So far over 20 firms have been fined by the FSA including Alliance & Leicester, the HFC arm of HSBC, GE Capital and Capital One for PPI sales abuses.
If you apply for a loan on the phone PPI cover is often simply added to the monthly repayment cost of the loan. This quote is then formally sent as a contract to the consumer to be signed, and it is only when the pre-filled application form is received that the customer discovers the insurance has been tacked on – at which point most people worry that if they refuse to take it, their application might be rejected. If this has happened to you – Premium Recovery can help you pursue a PPI Claim for compensation.
You could pay up to 30% of the actual interest payments on the loan itself in PPI cover – which is far more costly than buying cover separately from an independent broker, and will come with a much smaller redemption penalty too.
See how Premium Recovery can help you with your PPI Claim. Call us today and we can help you get the compensation you deserve from a successful PPI Claim.