Payment Protection
Insurance
Personal Protection Insurance or
PPI, is an insurance usually taken out at the same time
as a loan to protect the borrower against accident, sickness
and sometimes redundancy.
There are many reasons why you
may have been mis-sold this insurance. These include;
• You
were self employed at the time?
• You
were told that the insurance was compulsory?
•
You were not asked about previous illnesses?
•
You were not told you could get
it from an independent provider at possibly a lot cheaper?
| Loan
Type |
Loan
Amount |
PPI
Premium |
Premium
as a % of the Total Loan |
| Unsecured personal
loan |
£8,993 |
£2,217 |
25% |
| Unsecured personal
loan |
£11,000 |
£5,133 |
47% |
| Hire purchase
for car |
£5,059 |
£2,157 |
43% |
| Unsecured loan
|
£5,600 |
£744 |
13% |
| Secured loan |
£25,000 |
£12,127 |
49% |
| Secured loan
|
£35,000 |
£10,150 |
29% |
| Conditional sale
for car |
£4,300 |
£2,394 |
56% |
Following a report from the Citizens
Advice Bureau, the Financial Services Authority (FSA), conducted
their own investigation into the selling of PPI and concluded
that thousands of consumers could have been mis-sold this
insurance.
This paved the way for consumers to now challenge their
payments of the PPI.
If you feel you may have been mis-sold PPI, contact
WipeOutDebtsLegally on 01282 878317 and we will reclaim the maximum
amount for you on a 'No Win, No Fee' basis.
|
