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Financial Misselling

Mis Sold PPI

What is PPI (Payment Protection Insurance)?

 

PPI is a type of insurance, which is often sold when you take out a loan or credit card. It is supposed to protect you against the risk of being unable to meet repayments in the event of accident, sickness or unemployment.

 

Could I have been mis-sold PPI?

 

Payment protection insurance mis-selling comes in many forms and common complaints we deal with include:

  • Payment protection insurance sold without you even knowing. In some cases you may not even now you were purchasing a PPI policy!
  • It was added to the loan without your knowledge
  • Insurance which was added onto an existing deal without the consent of a customer
  • Payment protection policies which do not cover the full term of a loan
  • Insurance cover which does not meet a client’s need – for example, single cover when a joint policy was required
  • The policy does not cover the self-employed, unemployed or retired
  • You were not told that the policy excludes existing medical conditions, which means that you are unlikely to be covered for medical problems you’ve had in the past
  • The policy is not suitable for your needs

Payment protection insurance (PPI) was sold to many customers alongside loans, credit cards and mortgages, but in many cases, this cover was unsuitable for circumstances or customers were simply unaware that they were even buying it. Regardless of the situation, Clear Law are here to help.

Funding your Claim

What it will cost me?

If you decide to instruct us, and the claim is successful, we will be paid 25% of the PPI refund you receive (plus VAT). If the claim is unsuccessful, you pay us nothing.

It is not always possible to determine the exact amount of the refund you will be entitled to at the outset of your claim, however it is important that you understand that the amount we will charge you is calculated with reference to the amount of the refund you receive, as opposed to the amount of work we do on your behalf.

To help make this clearer, here is a table showing our charges based upon the amount of your refund.

Amount of refund

Our charge

Vat

Balance payable to you

£1000

£250

£50

£700

£3000

£750

£150

£2100

£5000

£1250

£250

£3500

£10000

£2500

£500

£7000

 

Other funding options

Alternatively, you can instruct us to act on an hourly rate. We charge £120 per hour for undertaking this work. If you proceed by this method, then depending upon the amount of the refund you stand to receive, it is possible that your bill will be lower. However the main disadvantage to you will be that you will have to pay our bill whether or not your claim is successful. Unfortunately legal aid is not available for this work.

You are free to pursue your own claim directly against the lender, in which case you will not incur any fees.

Financial Ombudsman Service (FOS)

We may pursue your case via the courts or Financial Ombudsman services. The Financial Ombudsman Service allows consumers to make complaints against lenders direct without any charge. Further details are available here.

This means that you can bring the claim yourself, in person to the FOS. If you did this and you were successful it would not cost you anything. If you decide to do this and encounter any difficulties then please do not hesitate to get in touch and we can hopefully provide you with assistance.

We must emphasise that it is solely your choice to decide if you wish to deal with this matter in this way. We do however feel we have expertise in this area, will advise you throughout and hopefully make the “claim process” as stress free as possible for you.

This means that you can bring the claim yourself, in person, to the FOS. If you did this and you were successful, it would not cost you anything. If you decide to do this and encounter any difficulties then please do not hesitate to get in touch and we can hopefully provide you with assistance.

We must emphasise that it is solely your choice in how you want to pursue your claim. We do, however, have expertise in this area, and will advise you in a way that makes the “claim process” as stress-free as possible for you.

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