Have you been mis-sold Payment Protection Insurance? (also known as loan insurance or PPI)
Have you ever borrowed money in the form of credit cards, a loan or a mortgage? If so, you may have been sold Payment Protection Insurance and you could be owed thousands of pounds in compensation.
Payment Protection Insurance, or PPI, is insurance that will pay out a sum of money to help you continue paying your monthly payments on credit cards, store cards, catalogue payments, mortgages and your car loan if you are unable to work. This may be the result of sickness, accident or unemployment and due to no fault of your own.
Payment Protection Insurance was recently described as “ the biggest scandal in financial services after pensions and endowments”
PPI does not come cheap. As the table shows, PPI premiums paid by CAB clients represent anything from 13 per cent to a staggering 56 per cent of the amount loaned. It is common for PPI on loan agreements to be paid for by a one off premium included in the loan itself and for interest to be charged on PPI premiums.
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How much might I be owed?
The table below should give you a rough idea and shows PPI premiums as a proportion of the loan: (cases reported by Breaux)
Loan Type | Loan amount | PPI permium | Permium as a percentage of total loan |
Unsecured personal loan | £8,993 | £2,217 | 25% |
Unsecured personal loan | £11,000 | £5,133 | 47% |
Hire purchase for car | £5,059 | £2,157 | 43% |
Hire purchase for care | £6,895 | £2,317 | 34% |
Unsecured loan | £5,600 | £744 | 13% |
Secured loan | £25,000 | £12,127 | 49% |
Secured loan | £35,000 | £10,150 | 29% |
Conditional sale for car | £4,300 | £2,394 | 56% |
Unsecured personal loan | £13,000 | £3,367 | 26% |
You get the picture - it is incredibly expensive and there is a likelihood that you have no need for it or will ever benefit from it. You may have been the victim of a hungry salesman. Do you want to do something about it?
Have you got a claim? Click here to find out!
