Payment Protection Claim
For years banks sold payment protection insurance policies extensively alongside loans, mortgages and credit cards. The sales proved tremendously profitable often generating more profit than the interest from the loan or credit to which they were attached. Unfortunately, some lenders were so eager to sell the cover that they failed to train and monitor staff fully or to introduce appropriate processes to protect customers from mis-sale. As a consequence, since 2005, more than 1.5 million customers have registered payment protection claims with the Financial Service Authority. The figure is significant, but, given there are an estimate 20 million active policies in the UK, it is likely that many more people may be entitled to make a claim.
If you are unsure whether your policy was mis-sold, it is helpful to start by thinking about the information you were given and the questions you were asked at the point of sale. If you were not given full information or you were told something that later proved to be incorrect, your policy may have been mis-sold and you may have the right to make a payment protection claim. It is also important to consider whether there is something about your personal circumstances at the time of the sale that may have made you unsuitable for the cover. Some examples of this are below:
Were you unemployed, self-employed, retired or in full time education?
Were you aged sixty-five or over?
Were you suffering from a pre-existing medical condition?
Were you a civil servant or a serving member of the armed forces?
Did you have cover in place elsewhere?
If you answered ‘yes’ to any of these questions you probably should not have been offered the cover and could be entitled to make a payment protection claim.
To start your claim today, simply complete our quick claim form. There is no limit to how many claims you can make and you can even make a claim if your loan is already paid off or you no longer use your credit card.