If so, making a claim is easier than ever before.

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PPI Background Information

PPI (Payment Protection Insurance) has been sold alongside loans for the past 15 years. The lenders nearly always make more from the sale of PPI than from the loan itself.

As an example, in 2002 Barclays Bank sold £360 million of PPI alongside loans. Their profit from that was over £280 million. They are not alone. ALL lenders have sold these policies to their customers whilst charging interest in the process.

Thankfully the sale of these ‘block policies’ was banned in May 2009. Relentless pressure from consumer groups, the Citizens Advice Bureau, television gurus and mainstream media has forced both the FSA and the government to ban the practice.

This now means that anyone with one of these policies is entitled to reclaim any monies paid toward a policy in full with interest and compensation added in.

We offer an ethical, simple way to recover this money with no upfront charges and simply a small deduction from your settlement to cover our solicitors’ costs.

The Type of PPI We Can Challenge

There are two types of PPI policy offered.

Monthly premiums. These policies are separate from the loan, paid on a monthly basis and paid by a separate direct debit. These policies can be cancelled, increased or decreased at any time to reflect the personal circumstances of the borrower and there is no interest added to the monthly payment.

Single premiums. This is where the PPI premiums for 36 or 60 months are calculated and added to the main loan. The payment is also incorporated in the payment of the main loan. The policy cannot be altered or cancelled as it now forms part of the loan. Clients also pay interest on the PPI at the same rate as the main loan form the outset.

Mis-Selling

This is a broad term, which identifies customers who have been wrongfully sold the insurance and may never be able to claim.

There are a few categories for mis-selling:

Medically Exempt. All those with pre-existing conditions will find it nearly impossible to make a claim on their PPI Policy. Anyone with a history of heart complaints, high blood pressure, asthma, diabetes and many other medical conditions may have their claim refused.

Income Exempt. All those with irregular, insubstantial or variable sources of income will also be unable to make a claim on their PPI policy if they tried. These include students, contract workers, the self-employed, housewives, retired, company directors and part-time workers.

Existing Cover Exempt. Anyone who receives full sick pay when they are absent from work will also see their claim refused. These include all public sector workers, nurses, doctors, policemen and women, those in the armed services, government or local authority employees. It also includes anyone who has alternative accident; sickness and redundancy cover either through their job or through an existing policy.

The Problems With PPI

Whenever a lender enters into an arrangement with a borrower they have an obligation to offer best advice to their client. This is a duty of care or ‘fiduciary duty’. It dictates that the lender must act in the best interest of the client and be open and transparent in all dealings with the client or on the clients’ behalf.

The sale of single or block premium PPI breaches that duty of care and is always disadvantageous to the client:

What We Claim For

When pursuing a claim for a client, we:

How We Claim

We process cases through a Contingency route. This simply means that our claims specialists process cases ‘in-house’. This allows us to offer a professional, reliable service whilst also speeding up the claims process. The average claim takes just 3 months, with many settling much sooner.

This means that:

·      There are no upfront costs or administration fees to the client.

·      If the case is successful, then a 20% deduction of the settlement is made, to cover our costs.

·      The client does not pay anything if the case is unsuccessful.

·      Pursuing a claim does not affect your credit rating or your relationship with the lender.

E.g. Compensation awarded is £4,000. Our fee (which is 20%) is £800 plus VAT, total fee to us: £940. Amount paid to client equals: £3,060.

Contingency cases usually settle between 30-90 days.

If you wish to pursue a claim,  call us now on: 0800 917 2905 

ALTERNATIVELY

Go to: WWW.FREEPPICLAIMS.COM

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