Hi

There are approximately 20 million secured/ unsecured loans that have been sold to people that have payment protection insurance. 60% of people that have loans will have PPI attached to them AND 97% of those people do not even realise that they have got it!!! It is either added to the loan upfront or added as an extra monthly premium.

In fact, the Office of Fair Trading says that just one in five claims on PPI are successful which means 80% have been mis sold.

In the worst cases, already expensive PPI is paid for up front and the money to pay for it is added to the loan the client is taking out.
This way of selling PPI, known as 'single premium', means that the client ends up paying interest on the cost of the insurance, which is simply scandalous.

When customers go to cancel the insurance they are told that it cannot be cancelled without recalculating the entire loan.

To cap it all off, there is evidence of firms forcing customers into buying it.

They have told customers PPI is compulsory when it isn't.
They have refused to quote the cost of a loan without the insurance attached, so it impossible for customers to truly understand how much it will cost them.

There are many cases where the insurance has been added without the permission of the customer. Again don’t be surprised that our clients don’t even know that they have PPI.

The most serious reasons for reclaiming the PPI are centred around several acts of Fraud by the lender.

For example if the PPI was sold as 60 months of cover instead of on a monthly basis then the lender has breeched their duty of care to the client as it is never in the best interests of the client to be sold a PPI ‘in bulk’

For more information or to find out how much your claim could be worth, please let me know.

Richard
Recover Debt Solutions (UK)