Banks and other financial services companies have been selling Loan Payment Protection Insurance with their loans for many years and it has been a major profit generator for them. In fact 80% of every pound that is charged for Loan PPI is pure profit for these companies.
The policies were intended to provide protection for the loan holder in the event that they could not make their monthly payment due to an accident, sickness or unemployment. The premium for loan PPI is calculated based upon the amount that you borrow when you first take out your loan.
The cost of Payment Protection can become very expensive to protect your loan and it was found that in up to 85% of cases, due to flawed sales processes, cover was not always suitable for the loan holder’s personal situation. Many reasons have been highlighted to show that they never actually fitted the needs of individual customers and the result being thousands of declined claims due to ineligibility that should have been exposed at the point of sale.
Reclaiming loan PPI is not just a matter of getting back a refund of your premiums paid, but we will also claim compensation for interest on the entire period charged at the statutory interest rate of 8%.
We provide a No Win No Fee Guarantee for all Loan PPI reclaims, which provides our clients with the peace of mind in knowing that they can find out if they have any eligible claims without risk & once your claim’s have been validated, the process to finalising a successful compensation claim usually takes a few weeks.
Was I mis sold my Loan PPI?
Below are just a few of the reasons why you could have been mis-sold PPI on your loan:
You were NOT told about the cost of the PPI, but it was added in anyway?
You were aged under 18 or over 65 when the PPI was sold to you?
You were NOT asked about any other insurance policies you had in place?
The above are just a few reasons why you have been mis-sold, for more a detailed look please view our do I qualify page.
- Claim back as far 30 years (not the standard 6 years)
- Free PPI Check Up
- We can tell you if you were Mis-sold
- Dedicated account manager
- No paperwork is necessary
- Fast and effective
- Excellent track record
- We can fast track your claim
- We maximise your payout with other lender searches for free.
- EXPATS can claim with us – contact us wherever you are in the world.
If you think you have been mis-sold PPI on your loan it is time to act. At Claimspower we provide a No Win No Fee Guarantee (all inclusive fee of 18% if we win) for all PPI Loan reclaims, which provides you with the peace of mind in knowing that you can find out if you have any eligible claims without risk. Once your claim has been validated, the process to finalising a successful PPI compensation claim usually only takes a matter of weeks.