Claiming PPI – Reclaim Your Mis-sold PPI & Get a Refund With Our Manchester Based Solicitors
PPI can be sold in two ways:
- sold at the same time as opening a new loan, mortgage or credit card with whichever provider you use
- bought from a separate company from the one that supplies the loan, mortgage or credit
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Scenarios When PPI Can Be Mis-sold
There is usually a case of mis-sold PPI in the following scenarios:
- it was included in the loan agreement when the policy was taken out but you were not aware of this
- you were self employed or not working when the PPI began
- you were informed that taking out PPI cover was compulsory
- the policy did not cover your needs at the time it began and would not have covered you sufficiently if you had to make a claim
- the policy was not fully explained to you and cover was not available for what you believed it would cover you for
When claiming PPI it must relate to a loan which is:
- regulated by the Consumer Credit Act 1974
- was taken out before 6th April 2007
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Will I Be Successful In Claiming PPI?
We endeavour to give your mis-sold PPI claim the best possible chance of success. A large amount of PPI policies where poorly sold during a certain time period and therefore a lot of cases are clean cut. We have in depth knowledge of the tactics used by lenders in order to sell PPI and therefore can use this to ensure your claim is as successful as possible. By having a good recollection of the sale from the lender at the time and having evidence will all contribute to the success of your PPI claim.
What You Could Receive In Compensation If Your PPC Claim Is Successful
Each case has to be assessed individually in terms of if the loan is complete or not. If the case goes ahead then there is entitlement to a refund directly to you consisting of any premiums you have paid and any interest that was associated with these. If you have a loan that is currently in arrears then the lender can apply your PPI refund to the arrears to clear these and reduce your balance. If there are any remaining funds left in your PPI refund, you can then choose if you want these directly paid to you or if it should be applied to the remaining funds on the loan.
Sometimes lenders will review the loan and reassess it as if PPI had never been involved in the finances. This does often mean the amount of the loan is reduced and therefore your monthly repayments will be reduced.
We aim to recover all premiums paid towards the PPI insurance. If the PPI was purchased as a single premium added to the loan then we shall pursue any contractual interest you have paid on the loan for the policy. We request interest on payments made in order to compensate for your loss of money – the Financial Ombudsman Service (FOS) guideline is 8% per year on each payment that was made.
We expect most lenders to give a final decision within 8 weeks of the case opening.
Why Using A PPI Claims Company Is The Best Option
Our experience has shown that lenders will miss deadlines when solicitors are asking them to make a settlement offer. If offers are made then they can often be below the amount expected or the defendant will reject claims with little reason. By instructing one of our PPI solicitors, we ensure that you will get the correct amount owed to you, not the minimum offered by your lender.
It doesn’t cost you anything to use a PPI claims company like us. We operate a no win no fee policy on all cases meaning that our time to pursue your claim is free.
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Information We Need To Open A PPI Claim
We will require:
- the name of your lender
- loan account number
- loan start date
- any relevant policy documents
Don’t worry if you don’t have the loan start date or account number, we can still help.
We Will Look After Your Case
We have the very best solicitors who are experienced in running PPI claims and they will guide you through every step of the way. You will be assigned a solicitor who has the best specific knowledge in regards to your individual case to ensure you the best outcome. We also speak plenty of languages in our office so if English isn’t your first language we may be able to speak your native language.