Mis-sold PPI Claim?

We are a firm of solicitors and you will receive 100% of any money that we reclaim on your behalf.

If you would like to talk to someone about a potential PPI claim please call us on 020 7681 8888.

In recent times it has come to light that many banks and lending institutions have mis-sold Payment Protection Insurance (PPI) policies to their customers. These policies were sold to protect the customer in the event of unemployment, sickness or if they have an accident, which may result in the customer being unable to make their repayments on a mortgage, loan, credit card or any other credit agreement, covered by the policy. The customer was intended to have the comfort of knowing that the insurance policy would cover any instalments due until such time as they were able to resume work.

Unfortunately, these policies were often sold by inadequately trained staff driven by commission. In a large number of cases the policy was either, unsuitable, inappropriate or unnecessary for the customer in their current work situation. In many cases the customer would have been unable to claim under the policy because of the terms and conditions.

In some cases, customers were not even made aware that PPI was being added to their agreement at the time of their application.

If you think you may be the victim of a Mis-Sold PPI policy, we maybe able to claim all your money back for you. We may also be able to claim interest for the period that the lender has held your money.

There are generally 3 types of PPI policies.

  • Single Premium Policy: Where a single premium is paid up front, and is also incorporated in to the loan and you are charged interest on the premium by the lender for the full term. These policies generally have a maximum loan term of 5 years.
  • Monthly Premium Policy: Where the policy premium is paid monthly. These policies normally apply to credit cards.
  • Accident, Sickness and Unemployment and Income Protection Policies: Where the policy pays a percentage of your earnings in the event of an accident, illness or redundancy.

To determine whether you may have a claim please read through the following examples. If any of the examples describes your situation at the time of the application, you may have a claim:

  • If you were Self Employed.
  • If you were Unemployed or a Housewife.
  • If you were Employed on a Short Term Contract.
  • If you were Working Part Time (16 hours or less per week).
  • If you were a Student or in Full Time Education.
  • If you were Over the Age of 65 or you were Retiring within the lifetime of the loan.
  • If you had agreed to take Redundancy from work in the near future.
  • If you were about to take Maternity Leave, or were already on it.

There are also other instances other than your employment status, where a policy may have been mis-sold that you need to consider. You may have a claim:

  • If the Terms and Conditions of the policy were Not Clearly Explained to you at the time of your application.
  • If you were not informed of any Commission that maybe Paid for the Sale of the PPI Policy.
  • If you were told or given the impression that PPI Was Compulsory or that Taking PPI Would Increase Your Chances of Getting the Loan.
  • If you have made a Claim on a PPI Policy and it was Rejected.
  • If you have discovered that PPI Was Added to Your Loan or Credit Card without Your Knowledge.
  • If you had Other Insurances That Gave You the Same Cover. Or you were not asked if you had one.
  • If you Increased your Loan and you had your PPI Payments Increased automatically.
  • If you were not asked about your Medical History at the time of the application.
  • If you had an Existing Medical Condition and you were not told that it may jeopardise any claim you might make on the policy.
  • If it was not explained to you that the Policy had Certain Exclusions. For example: If you had to stop work due to a Stress Related or Mental Condition, or if you developed an Injury to your Back.
  • If your product was a Single Premium Policy and you were not told that you would be Charged Interest on the Premium amount.
  • If your product was a Single Premium Policy and you Paid the Loan off Early or you did not receive a refund of some of the premium.
  • If your product was a Single Premium Policy and it was a Loan Term of More than 5 Years.
  • If your product was a Single Premium Policy and you were not Told That You Could Pay the Premiums Monthly.

There are conditions and time limits in which you have to make your claim.

If your claim relates to a Single Premium Policy, the policy must have been sold to you within the past 6 years. In some cases, if the policy was sold to cover a secured loan or a mortgage we may be able to go back as far as 12 years, but this will depend on your circumstances.

If your claim relates to a Monthly Premium Policy, the policy must have been sold to you within the past 6 years.

We can only take on your PPI claim if the total amount to be reclaimed is greater than £5,000.00. This amount would include any interest that you have paid and any statutory interest owed to you.

Determining the value of your claim.

To calculate the value of a claim is a complex procedure, and in some cases we use a mathematics expert. We will inform you of the value of your claim as soon as we have evaluated your completed questionnaire. Please see below examples to determine if your claim is over £5000.

For example, if you paid £3000 as a Single Premium Policy 5 years ago, it is likely that your claim will be over £5000 when you add the interest.

If you have been paying a Monthly Premium Policy on a credit card for 5 years and the balance on your account was over £5,000 over the period, it is likely the claim will be over £5,000 when you add interest.

What will our service cost you

Our service to you is on a "no win no fee basis" and you will receive 100% of any money that we reclaim on your behalf. We will not ask you for a percentage of any money that you receive. We are a firm of solicitors and we will recover our fees from your lender or the broker that sold you the policy.

Starting you claim

You can download and print off our questionnaire by clicking here or you can request that we send you a questionnaire by post by clicking here.

All you have to do is complete the questionnaire and return it to us. Once we have determined that your policy was mis-sold we will start your claim immediately.

If you would like to talk to someone about a potential PPI claim please call us on 020 7681 8888. Alternatively, if you would like us to contact you, you can email us on claims@lorrells.com and request a call back from us.