If you have taken out loan insurance in the last six years you may be able to claim compensation. Many businesses have been engaged in the selling of financial products and a large number of them are guilty of Mis-Selling loan insurance.
Because of this, you should would be wise to find out if you have been the victim of Mis-Selling PPI as you may be able to claim the money you have paid back.
For example both Alliance and Leicester and egg have recently been fined for Mis-Selling Payment Protection Insurance.
Loan Insurance: What is it?
Loan insurance, or Payment Protection Insurance (PPI), is taken out as cover for when repayment of a loan cannot be made during circumstances of ill health or involuntary unemployment.
Unfortunately, many loan insurance policies could result in customers paying for potentially worthless cover. Mis-Sold loan insurance often involves customers paying too much money for their insurance or even paying for a PPI policy that they could never actually claim from.
Loan Insurance: Can I make a claim?
It is possible to claim compensation for Mis-Sold loan insurance and many lawsuits have been successful in doing exactly that. You can claim money back from a Mis-Sold loan insurance policy for reasons such as:
- You were pressured into taking out loan insurance
- Insurance was automatically added to your loan
- You were told you must have the loan insurance
- When you took the loan, you were unemployed or self-employed
Information and advice on how to claim
As specialists in Payment Protection Insurance Mis-Selling claims, our lawyers can help you make a No Win No Fee claim for the recovery of any PPI premiums that you have paid as a result of being Mis-Sold a PPI policy.
Contact Legal Advice Helpline on 0800 612 3042 for more information on loan insurance claims or any missold products.