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Payment Protection Insurance (PPI)

Payment Protection Insurance is a type of insurance that is sold alongside loans, mortgages or credit cards.

It is an optional insurance product; it is not a necessary to take out a PPI policy when taking out a loan, mortgage or credit card, so it requires the consumer to make an informed choice as to whether they would like PPI or not.

The purpose of PPI is to pay the repayments on your financial product when you are unable to do so due to a hardship that restricts your ability, or the ability of your family, to make those payments.

Examples of such hardships are:

    Illness that means a person is unable to continue employment

    Injuries that means a person is unable to continue employment

    If a person loses their job

    If a person is made redundant

    If a person with PPI on a loan, mortgage or credit card dies

Can I reclaim PPI?

While the protection that PPI provides can be useful to some people in financially hard times, the product has been mis-sold by lenders, meaning that many people are making PPI payments every month despite not needing it, wanting it or even being informed that they were purchasing it.

Many of the 12 million PPI policies been sold in the UK were mis-sold by lenders and the consumer has been fighting back against this injustice, forcing large lending corporations to set aside billions of pounds in order to be able to rectify their poor practices in the sale of Payment Protection Insurance to innocent customers.

You may be able to make a claim if your PPI policy:

    Was not explained to you by the lender in terms of the costs PPI entails

    Was added alongside your loan, mortgage or credit card without your knowledge or consent

    Was not presented as an optional product and you were made to think it was a compulsory purchase

    Did not cover the full term of the loan, mortgage or credit card taken out

    Was never used during the full term of your loan, mortgage or credit card

What if I am unsure of whether I have a PPI policy?

Many people are not told when Payment Protection Insurance is added to their loan, mortgage or credit card, so you might not be sure if you are making PPI payments.

Where this is the case, you can check your bank statements which itemise payments for PPI premiums as a separate item from your normal loan, mortgage or credit card repayments.

If you still are not sure whether you are paying PPI, your bank statement is unclear or there appears to be something amiss with the amount of your loan, mortgage or credit card repayment amounts, get in touch with us and one of our specialist PPI advisors will be more than willing to help.

Loans

If you have taken out a loan in the last 10 years, you may have been mis-sold Payment Protection Insurance alongside it.

Where this is the case, you may have been wasting money on a costly insurance policy that you did not need, want or that you were not even aware of.

There are various ways that PPI can be mis-sold alongside loans:

    If you had no knowledge that PPI had been added alongside your loan

    If you were told or led to believe that taking out PPI was a compulsory element of your claim

    If the full costs and payment method of the policy were not explained to you before you agreed to take out PPI

    If you felt pressured into agreeing to take PPI out on a basis such as that you felt that, if you did not, your loan request would not be accepted

    If the policy was sold to you alongside a loan at a time when you were retired, unemployed, self-employed or a student, as these groups of people are not eligible for PPI

    If your employer pays full sick pay; this would mean you did not need PPI

If you do not know whether you have or had a Payment Protection Insurance policy alongside a loan, it is likely that proof of the existence of PPI will be on your bank statements during your loan or as part of your loan documents

If you still are not sure whether you are paying PPI alongside your loan, your bank statement is unclear or there appears to be something amiss with your loan repayment amounts, get in touch with us and one of our dedicated PPI advisors will be happy to advise you on the matter.

Mortgages

Mortgage Payment Protection Insurance (MPPI) has been sold with thousands of mortgages in the UK in order to protect a person from potentially losing their home.

MPPI can be very useful to some people who choose to take out the policy, especially with the current financial and housing markets.

However, many people were mis-sold MPPI, so their financial outgoings may have been more than they anticipated for a product that they did not need, want or were even aware of.

There are numerous ways that MPPI can be mis-sold:

    If you had no knowledge that MPPI had been added alongside your mortgage

    If you already had mortgage cover for missed or delayed payments

    If the full costs and payment method of the policy were not explained to you before you agreed to take out MPPI

    If you felt pressured into agreeing to take MPPI out on a basis such as that you felt that, if you did not, your mortgage request would not be accepted

    If the policy was sold to you alongside a mortgage at a time when you were retired, unemployed, self-employed or a student, as these groups of people are not eligible for MPPI

    If your employer pays full sick pay; this would mean you did not need MPPI

If you are not sure whether you have or had a Mortgage Payment Protection Insurance policy, it is likely that proof of the existence of MPPI will be on your bank statements during your mortgage or as part of your original mortgage documents

If you still do not know whether you are paying MPPI, your bank statement is unclear or there appears to be something amiss with your mortgage repayment amounts, get in touch with us and one of our specialist MPPI advisors will be happy to discuss the matter with you.

Credit Cards

Recent figures suggest that over 1 million people have been mis-sold a Payment Protection Insurance policy alongside a credit card.

While PPI sold alongside loans and mortgages consists of a set fee per month, the fee for PPI on Credit Cards is based on the unpaid balance on the card at the end of each month and can build up to a large amount over the course of a few years, especially for people that borrow considerable amounts of money on their card and do not want to rush the repayments.

There are several ways that PPI can be mis-sold alongside credit cards:

    If you had no knowledge that PPI had been added alongside your credit card

    If you already were already covered for missed or delayed payments

    If the full costs and payment method of the policy were not explained to you before you agreed to take out PPI

    If you felt pressured into agreeing to take PPI out on a basis such as that you felt that, if you did not, your credit card request would not be accepted

♦   If the policy was sold to you alongside a credit card at a time when you were retired, unemployed, self-employed or a student, as these groups of people are not eligible for PPI

If you are not sure whether you have or had a Payment Protection Insurance policy alongside your credit card, it is likely that proof of the existence of PPI will be on your credit card statements during the time when the card was in use or as part of your original credit card documents.

If you still do not know whether you are paying PPI alongside your credit card, your statement is unclear or there appears to be something amiss with your repayment amounts, get in touch with us and one of our committed PPI advisors will be happy to give you advice on the matter.

What am I entitled to claim for?

If your claim is successful, you are legally entitled to receive:

    A full refund for the PPI payments you have made to the lender

    Any interest you have paid in relation to those payments

    8% interest for each year that has passed since the insurance was mis-sold to you

What if I still owe money on my loan, mortgage or credit card?

If you still have a financial product with a lender alongside which you have paid or have been paying PPI on a policy that was mis-sold, you can still make a claim.

The amount of money that you receive for a successful claim will be put towards the money you owe on your financial product, thus reducing your monthly payments considerably.

Can I still claim if I have paid off my loan, mortgage or credit card?

If you have paid off your loan, mortgage or credit card, you can still make a claim for the refund of your PPI payments.

If do not have any outstanding arrears on your previously held or existing financial products, the money you receive from a successful claim will go directly to you.

How long will my claim take?

The Financial Services Authority (FSA) advises that PPI claims should be dealt with between 8-16 weeks after the relevant lender has received the letter of complaint. This time frame applies to most cases, which are resolved quickly and without much hassle.

Unfortunately, many lenders do not respond promptly and do not stick to the deadlines set by the relevant authorities. Where this is the case, we will consult the Financial Ombudsman Service (FOS), who deals with complaints related to PPI claims, in order that the claim may be resolved as fast as possible.

We will do everything we can to ensure you claim is concluded effectively and efficiently and, while it is not ideal for a claim to take longer than the prescribed time, remember that you will receive an interest payment on your PPI refund for each month after your policy was mis-sold if your claim is successful.

Quantum Legal’s No Win No Fee* Service

The Quantum PPI Team here at Quantum Legal operate on a No Win No Fee* basis for Payment Protection Insurance claims. This means that you will not be liable for our fees if we do not succeed in reclaiming your PPI refund; you will only pay for our services if we are successful in acting on your behalf with your claim. You will also not need to pay anything up front or even before the conclusion of your claim; full payment of our fees is only due once you have received the financial benefit of your PPI refund from the lender in full and final settlement of your claim. Please call us on 08455 191919 if you require more information.

Here at Quantum Legal, we pride ourselves in putting the interests of our clients first in every service we provide.

The expertise and experience among our PPI Team mean that they are perfectly placed to deal with your PPI Claim in order to act on your behalf to reclaim the compensation that you deserve.

Our dedicated team of PPI specialists will aim to successfully conclude your claim in the shortest time frame available and our friendly and knowledgeable staff will keep you informed of all key developments along the way.

So if you think you have been mis-sold Payment Protection Insurance alongside a loan, mortgage or credit card, call the Quantum PPI Team on 08455 191919 to speak to one of our specialists and start your claim today!