What is PPI?
Payment Protection Insurance (PPI) is sold to you to cover your monthly payments if you are unable to work due to illness or redundancy. Insurance of this nature is commonly sold by lender services such as banks or credit card companies.
Why would I reclaim my PPI payments back?
Your lender may not have told you that the likelihood of your PPI insurer accepting your claim if you were self-employed, retired or had a pre-existing medical condition when you first took out the PPI insurance policy, is very low. You may have been led to believe that taking PPI would be more likely to get your application (for lending) approved or the terms, such as the rate of interest, would be more favourable if the monthly payments were protected.
Why is it so often mis-sold?
Some lenders make a lot of money in commission by selling Payment Protection Insurance (a fact that they do not always disclose to you) and often they do not tell you that this insurance is optional and may have been cheaper elsewhere
What will it cost me?
If we believe you have a claim against your lender we will charge a fee of 25% plus VAT of the total amount of compensation and savings we make you once you reach a successful settlement.
Would it be worth claiming?
The Financial Ombudsman Service Annual Report 2009 stated that "[they had] received over 30,000 new cases about payment-protection insurance (PPI) and 18,500 complaints about credit cards – these two issues together made up around 40% of their workload” http://www.financial-ombudsman.org.uk.
Why Savas and Savage?
We can offer you an alternate solution to using the Financial Ombudsman (often a more speedy settlement) where you challenge whether your Payment Protection Insurance was appropriate.
We help you reclaim your paid PPI premiums, plus interest, and reduce your agreement balance by cancelling the unnecessary and inappropriate Payment Protection Insurance policy.
If we have to take Court action against your lender to obtain a fair settlement we, and your barrister, will also provide you legal services on a ‘No Win No Fee’ basis.
There is no risk in enquiring – you may be entitled to more than you suspect. Click here now or call free on 0800 328 3823.