Loan payment protection cover or PPI, is an insurance that is available on a wide variety of credit. It has been vigorously promoted and sold over recent years.
It has come to light via investigations by the Financial Services Ombudsman, that in fact the cover sold was not good value and in very many cases was mis sold. Companies now exists who will recover this on a no win no fee basis.
If you have bought goods in recent years for instance a car or a conservatory or replacement windows, you may well have been persuaded that you needed to cover yourself and the payments that you had to make in case of sickness, unemployment or redundancy.
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You will have been offered the loan providers own insurance, and not told that the cover was available elsewhere at a fraction of the cost. Very many people found that the cover that they took could have been as high as 25% of the value of the loan that they took out. Others taking the credit have been informed that the loan and the insurance were combined and couldn't be split. This is wrong. It is blatant mis selling it is never right to make the insurance a condition of the loan.
Loan payment protection cover reclaims can take place up to six years after a payment has been made on the loan or credit card. It is also now the case that where payment protection has been charged on a loan or credit card and no explanation was made to the effect that commission was being earned by the lender on the insurance, then not only is the insurance repayable with interest, but the loan or debt in unenforceable.
Loan Payment Protection can be a good thing where it is fully explained to an individual and the price for the insurance freely quoted. If you have taken insurance out and think that you may have been mis sold and you want to claim money back for free contact a solicitor who can help.
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