What is payment protection insurance?
Payment protection insurance can be in any of the following 4 types of cover.
- Accident, sickness or unemployment cover
- Redundancy protection
- Loan protection
- Mortgage payment cover
When you take out a personal loan, credit card, store card, car loan, mortgage or any other type of borrowing, the chances are that you will
be sold payment protection insurance. The purpose of PPI for example is to protect you in the event of accident, sickness or redundancy.
So, should you suddenly become redundant the insurance policy should help you keep up with your repayments.
Unfortunately, many borrowers find that in the event of sickness or redundancy
the PPI does not in fact provide cover whatsoever. The terms of the PPI
are often found to contain several major exclusions preventing the borrower
from benefiting from the PPI. For example the cover may not apply to the
self employed or be used within certain time frames of the loan period,
or not even provide cover to cover these repayments.
How can PPI be reclaimed?
Unfortunately not all PPI can be reclaimed. If a policy is sold in a fair
way to a borrower and would provide protection in the event of accident
or redundancy for example, then it is not capable of being reclaimed. However,
where a borrower is miss sold the PPI, it can be reclaimed. Examples of
miss-selling are outlined below but the list is not exhaustive.
- You feel you were pressured into taking the PPI
- You were told the PPI was a requirement to get the credit card or
loan
- You were told the PPI was not a requirement but you were unlikely
to get the borrowing needed without taking out the PPI
- The cost of the PPI was not properly explained to you
- You were not even informed of the PPI
I wish to make a claim - what next?
Making a claim is extremely straight forward. You can contact us on 0808
166 3439 and request a welcome pack. This contains a number of simple forms
for you to fill in and return to us in the stamped addressed envelope. An
experienced solicitor will then personally handle your case from start to
finish. You will not be required to do anything else.
How much will it cost?
GR solicitors act for our clients on a no win no fee basis. We do not
ask any money upfront from our clients. This means that if we are unsuccessful
with your claim it will not cost you anything. Where a claim is successful,
GR solicitors will charge a fee of 25% plus VAT of any money recovered.
We do not require any further payment for future reductions in council tax
payments.
