HAVE YOU BEEN MIS-SOLD PAYMENT PROTECTION INSURANCE?

Payment Protection Insurance (PPI)

Payment Protection Insurance (PPI) is sold alongside a wide range of financial products, most commonly loans, mortgages and credit cards. It is designed to pay out to cover repayments in the event that a person is unable to work due to illness, injury or redundancy. The policies are often added to the borrowing with the cost hidden in the monthly repayment.

The Financial Services Authority (the UK watchdog for financial services) has said that many of these policies have been incorrectly sold (estimated figures say 12 million!), the cost of which can often be several thousand pounds. It is not necessarily the fact that insurance was taken which is the problem but, rather, the way many of these policies are priced and the lack of information given to customers before signing up. In some cases people are even unaware that they have been sold it. If this has happened to you, Claim and Collect will make a claim to recover the full cost you have paid even if the policy or loan is now cancelled or fully paid up. Also, there is nothing to prevent you replacing this insurance with a less expensive policy offering the same or increased protection.

We operate a strict NO WIN NO FEE policy – only if your claim is successful will we charge our competitive rate of 25%+VAT (30% overall) of the compensation awarded. So, for example, if you are awarded £1000, then Claim and Collect will get £300 and you will get £700.

What Have You Got To Lose?
Start Your Claim Today

If you wish to start your claim, all you need to do is download the claim pack from the link above and return it to us. Alternatively, you can call us to speak with an advisor or e-mail us.

Common Grounds for a Successful Claim

My bank suggested that the policy was conditional or would affect the chances of securing a loan

Lenders should not insist on PPI and never make it a condition that you take their policy. They are required to make it clear that taking PPI is optional.

I didn’t realise how expensive the policy was

Most polices of this type are very expensive when compared with other insurance available in the market. This is because premiums are often paid by lending a customer the money to pay for it. Accordingly, lenders should make customers aware just how the policy is priced, explaining the full cost over the relevant term. It is not enough for them to simply get you to sign terms and conditions.

I wish to, or have already, finished paying for or cancelled the policy. Can I still claim?

Yes. The costs of the policy can still be reclaimed after it has been paid for. If you have cancelled a policy it is very likely that you received a poor refund for which you may well have a valid claim.

I’ve noticed that insurance payments are being taken from my credit card but don’t remember asking for it.

Many lenders sell these policies by stealth when they should in fact be making you fully aware of what you are taking and will be paying for. If it was not fully explained what you were taking you may have a valid claim for a full refund.