Reclaim PPI (Payment Protection Insurance)
A huge amount of PPI (Payment Protection Insurance) Policies have been mis-sold. We are currently helping a large number of clients reclaim every penny that they have ever paid towards a mis-sold insurance policy. The added bonus is that your monthly payment towards your loan with decrease once the PPI element has been removed.
How do I know if I have been mis-sold PPI?
If you were sold a PPI policy that was added to your loan, after January 2005, then it was more than likely mis-sold. This means that it is unlikely you will ever be able to receive any benefit from the policy but will continue to pay for it.
How can we make such a wide sweeping statement? The FSA (Financial Services Authority) regulates the sale of insurance in the UK. They made a dramatic move in May 2009 banning the sale of PPI policies at the time a loan was sold. They would only make such a dramatic ban is there were serious flaws in the sales procedures of PPI policies.
So, how do you know if you are a victim of mis-selling and have suffered a financial loss. Below are a few common mis-selling traits. At the time of the sale, where you:
- Told that if you didn’t take out the PPI you wouldn’t get the loan?
- Pressured into buying the policy?
- Quoted with and without PPI?
- Asked about your medical history?
- Informed that the policy does NOT cover you for the entire term of the loan?
- Completed a 'Statement of Demands and
Needs Statement'?
- Told the total cost of the insurance
including the interest you will pay on it?
There are many more points which could deem that the PPI was indeed mis-sold. We are happy to give you a free audit to first of all establish if the policy was mis-sold.
What sort of claim
should I make, UCA or PPI?
- Here at Triangle we do not undertake
claims against the enforceability of a credit agreement. Many
companies will promise everything you could dream of including
having your debt written off. This will normally involve an up
front fee and that will be the last you hear from them.
- The sale of PPI has been regulated
since January 2005. We are therefore able to refer to solid
regulations when making a case on your behalf. The best news is
that we do NOT take an upfront fee. We will take a nominal
percentage of the success value and nothing if we fail.
We advise you to claim against
the broker for mis-sold insurance, but obviously the decision is yours.
How long does the process take?
The process should take around 10-16 weeks due to the FSA timescales.
If the broker has ceased trading we will need to do far more work
for you and work closely with solicitors. The timeframe can be up
to six months but on average claims are paid out within four
months..
25th February, 2009
FSA bans sale of single premium PPI
by Gill Montia
Banks must stop selling single premium Payment Protection Insurance (PPI) alongside unsecured loans by 29th May.
Consumer groups have been campaigning for such a ban for years because single premium PPI involves the premium for the entire life of a loan being added to the debt, making it liable for interest.
Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest opted out of the controversial market at the end of January.
Their exit has been followed by a letter to lenders from the Financial Services Authority (FSA).
Those still selling single premium PPI have been told to withdraw the product as soon as possible, and by no later than May 29th.
The FSA’s managing director of retail markets, Jon Pain, says the regulator recognises that PPI can play an “important and legitimate role to cover repayments … for consumers facing job loss, or other issues at this difficult time”.
However, the FSA’s focus remains on “how this product has been, and continues to be, sold and whether consumers have been treated fairly during the sales process”.
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Triangle Financial Services,