Claiming Back PPI on Loans & Mortgages

Payment Protection Insurance (PPI) has, in some cases, been misrepresented and unknowingly sold to millions of people in the UK, through financial agreements, such as loans, mortgages and credit cards. This information came to prominence in 2011 and since then we have claimed back millions for our customers*

The deadline to claim back mis-sold PPI has been set by the Financial Conduct Authority for 29th August 2019. You can claim for every  credit product you were mis-sold PPI on, whether this is one loan, or six different credit cards, a mortgage and a loan, it does not matter. To help you understand whether you are entitled to reclaim PPI continue reading on.

PPI on Loans: Understanding Why PPI Was Mis-sold

PPI on loans was assumed to be a useful, supporting financial product for both the lender and the borrower. Loans are usually large, long-term financial agreements and having PPI on loans over 10 years, for example, seemed to make sense.

However, the length and size of loans could have been used to pressure or encourage customers to purchase PPI. During the long borrowing time of the loan, it is possible to conceive some sort of trouble could occur with regards to repayment, such as unexpected illness or unemployment. However, some customers who purchased PPI with the threat of these unforeseen circumstances looming over them were not eligible for the cover.

You could be eligible for a PPI refund on your loan if you can answer yes to any of the following questions:

When you were taking out your loan, did the salesperson lead you to think that PPI was a compulsory part of your agreement?

Did you ever feel as though you were more likely to be accepted for a loan if you took out PPI?

Were you not fully confident with your decision to take out PPI or were you made to worry at all about your lifestyle if you did not take out PPI?

Or if you can answer no to any of these questions, you may also be eligible to reclaim PPI on your loan:

Did the sales advisor clearly state the costs involved with taking out PPI? Did you understand it was a separate cost and not part of your loan repayments?

Did the salesperson enquire about your employment status? Are you or were you retired, unemployed or not in full time work when you took out your loan?

Did you know there are other, usually cheaper PPI policies available elsewhere? Were you informed of this?

Was your current employer liable for paying you sick pay at the time you took out the loan?

Did you know all of the exemptions and exclusions associated with PPI? Such as pre-existing medical conditions or employment status.

Did you know you were purchasing PPI?

Any of those sounding familiar or all too true? Do not worry, if you think you may have been mis-sold you can start the process of seeing if you are due a refund by making an enquiry with us.

PPI Claims on Mortgages

Mortgage PPI (Mortgage Payment Protection Insurance) can be very useful in certain circumstances; however, MPPI has also been mis-sold through similar circumstances as PPI on loans and PPI on credit cards.

Just like loans and credit cards you can claim back PPI on mortgages. To determine whether you have unknowingly or pointlessly had PPI on a mortgage, you can start by going through your mortgage statements and see if the insurance fee is listed. It may not always be totally clear and could be mentioned in a different way, such as insurance for accidents or unemployment. If you find these statements and were not aware you were paying it or are not covered by PPI owing to your circumstances you may be able make a claim.

There are other ways to establish whether you may be able to make a claim on mis-sold MPPI, such as:

Were you informed of all of the costs involved in your MPPI policy?

Did you know you didn’t have to take out MPPI? And that it would not affect your application if you didn’t?

Were you a student, unemployed, retired or entitled to full sick by (from your employer) at the time you took out the mortgage?

Did you feel any kind of pressure to take out PPI?

Did your lender check to see if you already had insurance on your repayments? Or discuss other policies with you?

Did you know all of the factors in your life that could exclude you from the benefits of MPPI?

If you feel as though you may have been mis-sold MPPI, start the process, and see if you could have a claim.

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* Over £100 million compensation recovered for our clients. Amount calculated prior to deduction of applicable taxes and our fees.