Payment Protection Insurance

If you have ever taken out a loan or a credit card then there is a good chance you were sold Payment Protection Insurance (PPI) to cover you in the event that you are unable to meet your monthly payments. In theory, PPI seems like a useful product, however, in practice PPI is often mis-sold and many people are unable to make a claim on the policy due to exclusions and clauses.

PPI has generated huge profits for the banks and they have been known to use high pressure and unethical techniques when selling this product. In many instances of mis-sold PPI  those who have been sold PPI don't actually need it, it may never pay out when you do need it or you could have existing cover already e.g. sick pay through your employer. You may not even be aware that you have PPI.

Our solicitors take on some of the biggest financial institutions who have mis sold payment protection on your behalf. We aim to ensure your payment protection insurance claim is successful and you can claim back the money you deserve.

1. If the insurance was optional, were you aware of this?
2. Did the adviser explain any of the exclusions under the policy – for example, the exclusion which won't cover you if you have any pre-existing medical condition?
3. When you took out your loan, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?
4. Did the adviser make it clear to you that the insurance cost would be added to the loan and you would also have to pay interest on it?
5. Single premium PPI insurance normally only lasts for 5 years. If your loan or finance agreement was for longer than this, did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement?
6. Did your adviser tell you that you would continue to pay interest on the insurance premium, even after the insurance had expired?
7. Was it made clear that you did not have to agree to the PPI in order to secure the loan?