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payment protection insurance
If you have taken out a loan, mortgage or credit card, you may have been advised to take out Payment Protection Insurance (PPI). Its purpose should be to assist the borrower with helping to meet the repayments of a loan if they are unable to keep up repayments due to accident, sickness or unemployment. This is perfectly acceptable you may think, however, many people have had their claims turned down due to policy clauses and exclusions.
The table below is from research done by the Citizens Advice Bureau (CAB) and shows how much your lender is typically charging you for PPI:
|
LOAN TYPE
|
LOAN
|
PPI COST
|
|
Unsecured Loan
|
£8,993
|
£2,217
|
|
Unsecured Loan
|
£11,000
|
£5,133
|
|
Car HP
|
£5,059
|
£2,157
|
|
Car HP
|
£6,895
|
£2,317
|
|
Unsecured Loan
|
£5,600
|
£744
|
|
Secured Loan
|
£25,000
|
£12,127
|
|
Secured Loan
|
£35,000
|
£10,150
|
|
Conditional Sale for Car
|
£4,300
|
£2,394
|
How do I know if I have been mis-sold?
There are many reasons why you may have a valid claim, when obtaining credit were you such as:
- Were you told you had to take out the PPI to get the credit?
- Did you feel pressured into taking PPI?
- Were you told that you could buy PPI from an independent provider (which can be up to 80% cheaper)
This is just a few of the reasons you may have been missold. Please see our ask a question section for more details. If you feel you have been missold PPI all you need to do is contact us or fill in the online form or request a callback below and we'll do the rest.
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