Loan Insurance Claim
Were you mis-sold insurance with your loan? Do you feel your bank or lender let you down? Thousands of people have already successfully pursued claims against their bank or building society and you could join them.
Loan insurance, often known as Payment Protection Insurance (PPI), is an insurance policy attached to loans and other financial products (including credit cards, mortgages and hire purchase agreements) that covers the policyholder if they cannot work due to illness or unemployment. The cover is controversial, though, as it has often been mis-sold. Many lenders have been fined for failing to sell the products correctly and, as a result, many people have made a loan insurance claim.
To find out whether you could make a loan insurance claim check the question and answer section below.
Q1, Were you told you had to have the insurance policy?
Loan insurance is an optional extra. If you were told you had to have it you were given the wrong information and you could make a claim for mis-selling.
Q2, Were the full costs of the policy explained to you?
If your lender failed to explain the cost to you, they did not give you all the information required to make an informed decision whether or not you wanted to take out the insurance. This could be the basis of a claim.
Q3, Were the terms, conditions and exemptions of the policy clearly explained to you?
If your lender failed to clearly explain the policy to you you could be paying for unsuitable cover you don't need and this could be the basis of a loan insurance claim.
Q4, Were you in full time education, unemployed, retired or over the age of 65 when you were sold the policy?
If you were then it is likely your policy is worthless or of very limited use. Your lender may have failed to fully assess your suitability for the policy and you could make a claim.
Q5, Did you have a pre-existing medical condition?
Did you know if you already suffered from a medical condition then it is unlikely, if that condition worsened, it would be covered by your insurance? If your lender failed to ask you about any health concerns they failed to assess your suitability for the policy and therefore you could make a claim.
Still not sure if your insurance was mis-sold? Call 0207 471 2000. Remember, there is no limit to the amount of loan insurance claims you can make.