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Credit Card PPI
This usually takes the form of an ongoing monthly premium that varies from month to month depending on the amount of your outstanding balance. There is no given formula for working out what your monthly premium will be without looking at the original documentation that you signed when the card was issued to you. Most of us do not have that document so the only way to calculate how much you may be entitled to recover is by applying to your credit card company for all of your statements and then adding up the premiums.
Loan PPI
Unsecured loans would often be sold with single premium PPI added to the amount that you borrowed so that you borrowed not only the amount that you wanted but also the PPI Premium. It is often to be found in the section on your loan agreement headed “Other Financial Information”. Again, most of us do not have the original loan agreement so the only way to obtain this documentation is to contact the bank in writing and ask for a copy of the same.
Mortgage PPI
It has become clear that an extremely high percentage of mortgages had PPI attached to them. Whilst these are very difficult claims to pursue the average value of a claim is £11,000.00. The claims process and calculation process is a complicated one in this instance and you are best served using the services of a company that specialises in this type of claim.
If you can answer “NO” to one or more of these questions, then you may have been mis-sold your PPI policy and be eligible to MAKE A CLAIM.
- When you took out your loan, Was it made clear to you that the insurance was optional?
- Did the adviser establish whether or not you had any other form of cover in place already?
- Did the adviser inform you about any significant exclusions under the policy – for example, the exclusion that says you will not be covered for any pre-existing medical condition or if you are self-employed?
- If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single premium payment?
- If you had to pay for the PPI as a single premium payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on the total amount?
- Single premium PPI policies normally have a maximum cover of 5 years. If your loan or finance agreement was for longer than this, did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement? The adviser should also have told you that you would continue to pay interest on the insurance premium, even after the insurance expired.
- Did the adviser inform you that any claim under the policy was limited to a maximum of 12 months cover?
- The full cost of the Payment Protection Insurance premium(s)
- Interest attached to the loan to cover the PPI Premium(s)
- Simple interest of 8% on the total amount recovered
- Other damages that are appropriate (subject to County Court claim)
- Possible unenforceability of continuing finance agreement (as above)
- All of the above usually results in you recovering double of what you have actually paid for your PPI premium(s).
HOW TO START YOUR CLAIM PROCESS
To be 100% sure that you are eligible to make a claim we need to gather basic information to be able to advise you of your position.
Select LOAN, CREDIT CARD or MORTGAGE from below and download and print the attached form. Once you have completed and signed the form and completed everything required in the checklist at the bottom of form please post to:-
- PPI Claims Centre,
- 39 Poachers Trail,
- Cyprus Point,
- Lytham St.Annes,
- Lancashire FY8 4FF.
Once we have received your information one of our representatives will contact you within 2 working days.
