What does the Judicial Review mean to me?
In a nutshell, the review should make it easier for you to obtain compensation if you have been mis-sold payment protection insurance. It should also mean that you can claim for the past mis-selling of PPI that may have occurred years ago. The Judicial Review made it very clear that the lenders were at fault for the way they sold this product to you.
Can I claim compensation for Payment Protection Insurance mis-selling?
If you feel that, when you were sold your PPI policy, the salesperson failed to explain exactly what you were purchasing, or you were forced to take out the PPI policy by your lender, you may be able to claim compensation. Also, if you were sold an unsuitable policy whilst being self-employed, unemployed or retired, you may have a case as your circumstances at the time of sale were not suitable for such a policy.
What is Payment Protection Insurance mis-selling?
The plain fact is that a number of PPI policies which were sold to protect borrowers from their debt in reality offered no protection at all and are simply a revenue stream for the lender. Borrowers may have been unaware they were even taking out PPI policies as they went through the application process.
Lenders may offer low rates that are only commercially viable to them with the addition of a PPI policy. Lender’s may have also mis-sold PPI policies by using sweeping statements such as 'Will pay off your debt' or 'Will safeguard your family' when in fact the product they are selling may be completely inappropriate to the borrower and offer no such security.
What are the issues with Payment Protection Insurance?
Due to the competitiveness of the financial industry, lenders are having to reduce their lending rates to attract new, and retain existing customers. This is causing a drop in revenue due to lenders having smaller margins on loans, credit cards and mortgages. PPI, although sold as a safeguard for borrowers, may just be seen as a way for lenders to increase their income from selling loans, credit cards and mortgages.
Some PPI policies offered by lenders may be unsuitable to borrowers in certain circumstances. Policies may not be suitable for the self-employed if they only cover redundancy. PPI policies have been found to be full of exceptions and exclusions that prevent borrowers from making successful claims.
PPI policies sold by credit card companies, banks and lenders can be overly expensive and are sometimes forced upon the borrower as part of the approval process or hidden within the debt repayment schedule. Debts may be increased by up to a third when factoring in PPI payments.
What are the timescales to process my claim?
Each case is based on its own merit and we endeavour to get the claimed settled as swiftly as possible.
Why can't I claim compensation myself?
The short answer is that you can. However, claiming can be time consuming and you will need the knowledge to tackle the provider yourself; to know what to do if your claim is refused; to know whether an offer of compensation is fair; to go through the appeals process if necessary or to know if your claim could be time barred.
If I make a claim will I be 'blacklisted' by the lender?
No. Lenders must 'treat customers fairly' and you should not be penalised in any way.
Who can claim compensation?
If you currently have, or have previously had a Credit card/Loan/Mortgage you feel may have been mis-sold to you, then you can apply for compensation. See the guidelines on our main page.
What is the average payout?
The actual amount paid will depend on individual circumstances and can vary enormously based on your situation.
How much do you charge for these claims?
These claims are 100% no win no fee, if you are successful we charge 30% plus VAT.
How do I know if I have a claim?
The Financial Services Authority (FSA) has reported that thousands of mortgages were potentially mis-sold because of the lack of suitable advice given at the time. If you feel that you were not properly advised about your options or the risks involved in taking out your mortgage, then you probably have a valid claim.
I have a store card with these charges on. Can you reclaim them as well?
Yes. Our team of specialist financial advisors can reclaim wrongly applied charges on any store card or credit card account. We have long been recognised as one of the leading Claims Mangement / Financial Solutions practices in the uk.
What if my claim is not successful?
If your claim is not successful we operate a no win no fee policy.