Reclaim PPI Insurance
We have teamed up with specialist companies who have a track record of achieivng a high number of claims against the providers on missold PPI.
What is PPI?
PPI (Payment Protection Insurance) policies were designed to cover the cost of loan repayments in the event that the insured person was off sick or became unemployed. They were mainly taken out with loans, mortgages and credit cards.
The major problem with PPI is that most people who were sold the policy didn't really need the cover and in many cases the policies were sold to people who could never qualify for a claim anyway, e.g. retired, self-employed, unemployed etc. Also bad backs and stress “the main two reasons for being off work " are usually always excluded from the contract.
Client borrowed £15,000 from lender, was told by the lender that due to his income being low he must take the PPI or he will be declined the loan. The PPI was a single premium and was added to the loan amount taking the total borrowed to £22,350.
This is a classic example of a miss sold policy this claim is estimated to worth between £12,500 to £17,000
30 million policy holders may have a claim for compensation
It is estimated that over £10 Billion of policies have been sold and as many as 30 million policy holders may have a claim for compensation.
8 out of 10 policies may have been sold incorrectly
Statistics indicate that as many as 8 out of 10 of these policies may have been sold incorrectly.