Bank Refunds can help you with Loan Payment Protection Insurance complaints.
How does it work?
Many high street banks and other lenders have added Payment Protection Insurance to loans and mortgages. There are many reasons why this may have been mis-sold – Clients may not have requested insurance, were pushed into buying the product, were not offered a monthly payment alternative and/or the terms of the policy were not properly explained. The Citizens Advice Bureau has described the mis-sales of PPI as “the Protection Racket!”
What is PPI?
Payment Protection insurance is a policy sold alongside Loans or Finance which is designed to cover the client in event of sickness, redundancy or inability to work. PPI is often very expensive and can add a cost often in excess of 20% of the value of the loan.
How will you know you have it?
The best way to find out is to look at your loan agreement. If you do not have a copy, then you can phone your lender, or visit your branch, and ask for the policy details.
What will it cost to make a claim?
We operate on a No Win, No Fee basis and bank refunds
will take a percentage of any compensation awarded to you only if we are successful in getting you a refund. The fee that we take is a standard industry amount of 30% plus VAT. Full Terms and Conditions are included in our Terms of Engagement or are available on request.
On 20th April 2011 the Banks LOST their case regarding compensation for customers who have been mis-sold PPI (Payment Protection Insurance). On 9th May 2011 they agreed not to appeal this decision. This is great news for the thousands of people who were sold PPI with their loan, mortgage or credit card.