Reclaiming PPI on paid off finance

Reclaiming PPI is not just limited to current loans and credit cards, it is also possible to make a claim for mis-sold PPI on loans, credit cards and any other finance that have been paid off in the last six years.
If your policy started in the last six years, whether you are using it or not, we can investigate to reclaim PPI and obtain compensation on your behalf.

If you wish to claim on a policy taken out in the last six years where you have already paid off the loan or credit card, we appreciate you may no longer have any of the associated paperwork. If this is the case, we can trace the account details for you. Banks and other lenders are legally obliged to keep information relating to finance for a period of six years, so we will be easily be able to obtain associated paperwork.

If you require help with reclaiming PPI on a loan and credit card taken out in the last six years and you still have some of the paperwork, we will be able to fast track your case.

If your policy ended over six years and still have the paperwork, it may still be a mis-sold PPI reclaiming case we can investigate. Your chances of reclaiming will be reduced however, as it will depend on the details you can remember about the sale.

If you believe you have been mis-sold PPI on finance taken out over six years ago but no longer have any associated paperwork for the finance, the chances of PPI reclaiming aren't very high, but we will always be happy to investigate the details of the PPI reclaiming case to see if we can obtain compensation.
For help and advice on reclaiming PPI contact us on 0800 or apply online.

Loan PPI

If you have taken out a loan anytime in the last six years, there is a chance you have a case for reclaiming loan PPI. Research by the Financial Services Authority (FSA) - the independent organisation responsible for regulating financial services in the UK, suggests that millions of people who have taken out loans in the last six years have also taken out PPI policies, whether they know it or not. The problem with loan PPI is that it has been vastly mis-sold. Over the last six years loan PPI mis-selling has been rife. Lenders would take any opportunity to sell a PPI policy to customers taking out a loan, in some cases regardless of whether the customer needed it or not.

You may be one of the people who was mis-sold PPI alongside a loan and you may have a case for reclaiming PPI.

Are you eligible for PPI reclaiming?

• Was PPI added to your finance without your knowledge, with you only realising after the finance had been taken out?
• Did the salesperson imply that loan PPI was compulsory or that by taking it out, you would have a better chance of being approved for the loan?
• Were you not informed that loan PPI is not only available from the lender but from other separate outlets (and often at much cheaper rates)?
• Were the policy exclusions – e.g. the terms for cancelling the cover or exclusions such as stress and back problems, not pointed out to you?

- Were you unemployed, retired or self-employed when the loan PPI was sold to you?
- Did you have a medical problem or illness at the time of taking out the cover that could have kept you from working in the future?
- Did the term of loan not match the term of the loan PPI cover and was this not made clear?

If you have answered “yes” to any of the above questions, there is significant chance you have been mis-sold PPI and may have a case for reclaiming PPI.

Credit Card PPI

Do you have a credit card that was taken out in the last six years? Regardless of whether or not you have paid off the card, you could be eligible for reclaiming PPI.

PPI has been vastly mis-sold over the last six years and credit cards were one of the main types of finance it was mis-sold alongside. Literally millions of credit card PPI policies are believed by the Financial Services Authority to have been mis-sold.

One of the main reasons for the mis-sale of PPI was that customers were misled into taking out the insurance on their credit cards because they wrongly thought their application was more likely to be accepted.

Credit card PPI has been deemed a useless product by many, expensive and poorly designed, credit card PPI is a product that doesn't provide the support a consumer needs, a product that has been routinely mis-sold.
Do you believe you have a case for reclaiming credit card PPI? Answering “no” to any of the below questions may be able to determine if you have a case for reclaiming PPI.

• Did the salesperson make it clear PPI was optional?
• Did the salesperson tell you about the 'significant exclusions' of the policy? E.g, the exclusion that states you won't be covered if you have a pre-existing medical condition, or the exclusion that means you might not be covered if you are over 65 or if you are self-employed or retired?
• Did the salesperson make it clear how the credit card PPI policy would be paid?
• Did the salesperson tell you when the PPI policy would expire? And that it could expire while you still have the credit card and that could potentially be paying interest on insurance that is no longer in force?

If you have answered “no” to any one of the above questions, it is likely you have been mis-sold PPI. We can help you with reclaiming PPI. On average, customers  reclaiming PPI, receive a refund of £3000.

Don't be fooled into thinking that you haven't been mis-sold credit card PPI because your credit card provider is a major name, well known lenders such Alliance & Leicester, Egg, Capital One and HSBC have all been fined millions of pounds for mis-selling credit card PPI.