Missold PPI Claims
It is estimated that more than 20 million PPI policies are active in the UK. The
policies are sold alongside credit cards, loans and mortgages. It is unknown
just how many of these may have been mis-sold, but the number is likely to be
significant. Since 2005 there has been a sharp rise in missold PPI claims
and this figure doesn't show any sign of slowing.
How were policies mis-sold?
There are a number of ways in which PPI policies were mis-sold, reasons you could
make missold PPI claims and receive PPI refunds!
If, for example, your lender gave you incorrect information or mislead you in
some way you could make. Likewise if you were told you had to have the cover or
it would improve your chances of being approved for the loan. You may also have
been mis-sold cover if you were sold a policy you didn't really need. Examples
here would be if you already had a payment protection policy or had full sick
pay entitlement from your employer. In some cases customers were even sold
policies they were unable to use. Examples here would be a customer who was
self-employed or someone aged 65 or over as most people do not cover people in
How much compensation might you receive?
Any potential missold PPI claims PPI refund
is based on how much you have paid into your policy and relies on your lender
admitting failures in the sale of your policy. The cost of PPI policies vary
quite considerably. If, for example, you have a loan PPI policy it is likely to
have been calculated as a percentage of your overall borrowing - normally
between 13-25%. This amount will also incur interest at the same rate as the
rest of your borrowing. Credit card PPI is calculated differently and is usually
added on a monthly basis. The cost of credit card PPI is usually directly linked
to your outstanding and will be charged at a rate of around 79p per Â£100
If you would like assistance making missold PPI claims call our team on 0207 471 2000
or complete our quick claim form.
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