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Missold PPI Claims

It is estimated that more than 20 million PPI policies are active in the UK. The policies are sold alongside credit cards, loans and mortgages. It is unknown just how many of these may have been mis-sold, but the number is likely to be significant.  Since 2005 there has been a sharp rise in missold PPI claims and this figure doesn't show any sign of slowing.

How were policies mis-sold?

There are a number of ways in which PPI policies were mis-sold, reasons you could make missold PPI claims and receive PPI refunds! If, for example, your lender gave you incorrect information or mislead you in some way you could make. Likewise if you were told you had to have the cover or it would improve your chances of being approved for the loan. You may also have been mis-sold cover if you were sold a policy you didn't really need. Examples here would be if you already had a payment protection policy or had full sick pay entitlement from your employer. In some cases customers were even sold policies they were unable to use. Examples here would be a customer who was self-employed or someone aged 65 or over as most people do not cover people in these circumstances.

How much compensation might you receive?

Any potential missold PPI claims PPI refund is based on how much you have paid into your policy and relies on your lender admitting failures in the sale of your policy. The cost of PPI policies vary quite considerably. If, for example, you have a loan PPI policy it is likely to have been calculated as a percentage of your overall borrowing - normally between 13-25%. This amount will also incur interest at the same rate as the rest of your borrowing. Credit card PPI is calculated differently and is usually added on a monthly basis. The cost of credit card PPI is usually directly linked to your outstanding and will be charged at a rate of around 79p per £100 outstanding.

If you would like assistance making missold PPI claims call our team on 0207 471 2000 or complete our quick claim form.

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