Have you taken out a loan, mortgage, or credit card in the last 6 years? If so then there is a good chance that you were sold Payment Protection Insurance (PPI) at the same time and you could now be owed thousands of pounds in compensation.
Compensation Solicitors Online will assess your claim FOR FREE and we will do all the chasing for you. Our professional staff will claim back for you any compensation and interest you are owed by your lender. NO UP-FRONT FEES to pay.
WHAT IS PAYMENT PROTECTION INSURANCE (PPI)?
Payment Protection Insurance (PPI) was originally designed to cover the cost of your loans, credit cards, finance agreements, or mortgage, should you become unemployed, or unable to work due to illness and could not keep up with the payments.
In theory, it sounds great â€“ in practice much of the PPI sold was hugely overpriced, sold without advice and in many cases it was impossible to be used when needed the most!
Many people paid for it and were not told that they had it. Sometimes it was not even called PPI!
Other names of PPI include:
- Lifestyle Protect
- Payment Break Plan (PBP)
- Accident, Sickness, Unemployment (ASU)
- Payment Protection Cover (PPC): usually on credit cards
- Mortgage Payment Protection Insurance (MPPI)
- Loan Protection
- Gold, Silver or Bronze Cover: normally provided with Northern Rock and HBOS loans
- Card Protection
Even if you are not sure or if your loan has finished, contact us straight away so that we can offer you free advice as to whether you may have a claim.
Approximately 20 million PPI policies were sold. An estimated £8bn is owed to customers.
HAVE YOU BEEN MIS-SOLD PPI?
You may have been mis-sold PPI if:
- You were not aware when taking out the finance that you were also purchasing PPI.
- You were told PPI was compulsory.
- You were told that you would stand more chance of getting approved if you took the PPI.
- You felt pressured into purchasing the policy.
- The agent did not disclose the total cost of the insurance.
- You were not given payment details which showed the cost of the loan/credit with the PPI and without the PPI.
- At the time of taking out the PPI you suffered or you had suffered from any mental or physical illness.
- You were not informed that pre-existing medical conditions would not be covered under the policy.
- You were not asked whether you had any other insurance or cover that would provide similar benefits as the PPI policy.
- After the policy was sold you did not receive a copy of the demands and needs statement.
WHAT CAN WE DO FOR YOU?
We can save you from all the stress and endless chasing.
3 SIMPLE STEPS
- Once you provide us with your details we will telephone you at a time that is convenient to you and assess your claim for free.
- If we believe that you have a claim worth pursuing we will send you paper work that needs signing. Once this is done we will chase the lender on your behalf.
- The next time you will hear from us is a call to advise you with the amount of compensation you can look forward to receiving.
WHY COMPENSATION SOLICITORS ONLINE?
We have been successfully pursuing compensation claims on behalf of clients against large institutions for over 10 years and have obtained millions of pounds of compensation. We regularly receive recommendations from past and existing clients.
We operate on a strict NO WIN – NO FEE basis. There are no up-front fees to pay.
We will assess your claim FOR FREE.
We will visit you in the comfort of your home, at a time that is convenient to you. Furthermore, you will have the same solicitor representing you throughout your case.
Our professional staff has experience in tackling the issues which come along in a PPI claim. We can help you make a claim even if:
- The policy holder is deceased.
- You are still paying off your loan.
- You do not have to have your PPI account number or terms.
- You do not have your original documentation to make a claim.
- You do not remember who your loans/cards were with.
- You have already reclaimed bank charges.
- You have had a debt management plan/IVA/been bankrupt.
- You lender is insolvent.
- You live abroad.
- Your debt has been passed to a collection agency.
- Your lender has been taken over.
- Your loan/credit card has already been repaid and you are no longer a customer.
We have handled hundreds of cases claiming PPI for hundreds of people. We have a record of successful PPI claims against:
- Credit card providers
- Loan providers
- Mortgages providers
- Car finance providers
- Store card providers
The Mortgage PPI has been available in the UK since the 1970s.It became progressively common for such an insurance to be offered by mortgage providers in the late 1980s.Other credit providers followed suit. The issue of PPI being a poor-value product was first raised by Which? magazine in 1998. Moreover, PPI problems have also been highlighted by The Daily telegraph and Sunday Telegraph. In 2005 the FSA issues its first report on PPI, identifying poor selling practices and lack of compliance control. These findings were later on reinforced by the FSA’s report and OFT’s reports of 2006. The matter was referred to the Competition Commission. During that time the FSA has been fining smaller firms for mis-selling, followed by fines on major PPI providers in the beginning of 2007, including Egg, Liverpool Victoria and Land of Leather.
In 2008 a research by Which? showed that up to 2 million people have been sold a policy they will never be able to claim on. Furthermore, 1.3million people mistakenly believed that they would be approved for credit if they took PPI.
The 2009 the Competition Commission’s report pointed out that the PPI market had become dominated by three types of products – mortgage PPI, personal loan PPI and credit card PPI. Furthermore, the Competition Commission recommended those selling a loan should not sell PPI at the same time. This was confirmed in a judgment against the banks in April 2011 by the High Court.
20 million people have been sold PPI policies in the UK. 1 billion pounds has already been paid out. 5 billion pounds has been set aside by the banks waiting to be claimed.
BASIC TERMINOLOGY EXPLAINED
Payment Protection Insurance (PPI) – its aim is to cover the repayments on your loan for a period of one year in an event of accident, sickness or unemployment.
FREQUENTLY ASKED QUESTIONS
WHAT IS PPI?
PPI or Payment Protection Insurance secures and covers loans, mortgages, credit cards or any other finance agreement in cases of accident, sickness and unemployment where you can no longer afford to repay your lender.
WHY CAN I CLAIM?
The Financial Services Authority (FSA) has recently fined a number of high street banks and lenders over the mis-selling of Payment Protection Insurance (PPI). This means that if you have taken out a loan which had PPI included there is a good chance you could get all your money back.
CAN I CLAIM A PPI REFUND?
If you have taken out a Secured Loan, Unsecured Loan, Mortgage (MPPI) or Credit Cards in the last 10 years and there is a Payment Protection Insurance Policy associated with it, you may well have a valid PPI Claim. The easiest way to find out if you have a claim for PPI compensation just give us a call on 0208 203 4999 or alternatively complete our request a call back link and we shall call you back at your request.
I’M NOT SURE IF I HAD P.P.I. WITH MY LOAN?
The majority of loans taken out in the last 6 years included some form of Payment Protection Insurance. Payment Protection Insurance is also known as Personal Loan Protection (PLP), Mortgage Payment Protection Insurance (MPPI), Accident Sickness and Unemployment Cover (ASU), Life and Accident, Sickness and Unemployment Cover (Life and ASU), or Credit Card Repayment Protection (CCRP)
CAN I CLAIM FOR CLOSED ACCOUNTS AND COMPLETED LOANS?
Yes, you can claim for closed accounts and loans older than 6 years, as long as you have the documentation or agreement number.
HOW MUCH COULD I CLAIM?
We will normally recover all the PPI premiums that you have paid for so far, interest paid to date plus 8% statutory interest. You will also be able to cancel the whole policy so you don’t have to make further payments. It could be thousands of pounds!
HOW LONG WILL THE CLAIM TAKE?
This varies a lot. It could be 2-3 months but if we have to take your case to the Financial Ombudsman, it could be 6 months or longer. However, you do not have to pay us anything until you get your compensation at the end.
CAN I MAKE MORE THAN ONE CLAIM?
Yes, most people make several claims as they have had several Loans & Credit Cards in the last 10 years that included PPI cover.
DO YOU CHARGE ANY UPFRONT FEES?
No, unlike other companies you do not have to pay us anything unless your claim is successful (NO WIN, NO FEE).
MY LOAN HAS BEEN PAID OFF, CAN I STILL CLAIM?
Yes, even if your loan has been paid off you can still make a claim.
WHAT ARE YOUR FEES?
CSO take 25% + VAT of the financial benefit you receive. This fee is charged once the case is successfully settled. If we are not successful with your PPI reclaim, the work that we have done for you will be free. This means that we take the risk on your behalf. If we don’t win we don’t get paid!
If your loan is still going, then your lender may either compensate you partly in cash and partly by reducing your loan balance or, possibly, by taking the entire amount off your loan. You may also benefit from reduced loan repayments once the PPI is removed.
However, our fee of 25% + VAT is calculated on the refund of premiums plus the related and compensatory interest, and on the financial benefit you may see on future payments.
CAN THE BANKS USE THE CLAIM MONEY TO PAY OFF MY ARREARS OR OUTSTANDING DEBTS?
Yes, if you are in arrears or have an outstanding debt with your loan or credit card provider they may use your compensation to clear any money you owe them. In this instance, you will still be liable to pay our fee of 25% plus VAT so you should think carefully before commencing a claim.
WILL THIS ACTION AFFECT MY CREDIT RATING?
No. It will not affect your credit rating in any way. However, you do need to ensure that you keep paying any amounts that are due under your credit agreement.
MIGHT I HAVE TO PAY BACK THE TAX ON YOUR PAYOUT?
PPI payouts are usually formed of three elements: A refund of the premiums paid, interest you have paid on the premium and additional interest on the compensation at 8% per annum. If you receive the final element as part of your payment you may need to pay a small amount of tax to the government.
This is because, had you not paid out the PPI premiums it is assumed you’d have that cash in the bank and earned interest on it, which would then be taxed. If you received interest it would have been split out from the compensation on your refund letter. Any amount received in the last six years is liable for tax.
For more specific advice contact your local tax office or the income tax helpline on 0845 300 0627.
IF I COMPLAIN WILL IT AFFECT MY POLICY?
Yes. In the majority of cases, what we are complaining about is the fact that you should not have been sold the policy in the first place because it was not right for you. If we are successful with your complaint, your compensation will be a full refund of all your premiums plus interest and your cover will cease.
By way of caution, if regardless of the fact that the PPI policy has been mis-sold to you, you actually need the cover given by the policy, then our advice to you would be not to pursue a claim, for example if you have an illness that is covered in your first policy any subsequent policy you take out will not cover you for pre-existing conditions. Please consider this point very carefully, however in some circumstances, for example if you are self employed and the cover relates to employees then such arguments do not apply.
CAN I STILL COMPLAIN IF I NO LONGER HAVE THE POLICY?
You can, as long as you still have the policy, loan or credit card details and you did not get any payout of benefits under the policy while it was in force.
WHAT IS TIME-BARRING?
These are rules laid down by the Financial Services Authority which allow companies to say people are out of time to make a complaint. The rules are fairly complex but you may be out of time, for example, if you tried to claim benefits under the policy and had your claim refused more than 3 years ago.
CAN I COMPLAIN MYSELF AND IF SO WHY SHOULD I GO THROUGH YOU?
You are of course free to make the complaint yourself. There are many publicly spirited websites that will assist you if you choose to represent yourself. If you are successful you will clearly have saved yourself our fees and congratulations!
However, if you wish to take out the strain, hassle and aggravation of dealing with large banks, we are here to help you. We have over ten years of experience in pursuing claims against corporations, and insurance companies on behalf of the public. By instructing solicitors from the outset it is highly likely that the bank will take your claim seriously and allow you to obtain the full amount of compensation due to you, quickly.
IF I AM BANKRUPT, IN IVA OR IN DEBT MANAGEMENT, CAN I STILL MAKE A CLAIM?
Unfortunately, we do not accept applications from customers who are bankrupt, in debt management or an IVA. The reason for this is that any claim payout is likely to be set off against your debts and, as our fees would still stand, it would not be in your best interests to pursue a claim with us.