PPI Recovery Birmingham
If you have been missold PPI, we can help. There are still millions of pounds of PPI compensation which has gone unclaimed. If you think you may have a claim, we can help. Our barristers & solicitors have helped our clients reclaim PPI on credit cards, store cards, mortgages & loans.
Recover mis-sold payment protection insurance
Since January 2005, the sale of Payment Protection Insurance (PPI) policies has been regulated by the Financial Services Authority (FSA).
The FSA has levied millions of pounds on firms for mis-selling PPI. These firms have also been ordered to repay all PPIs that have been mis-sold. The FSA rules are very clear about what firms and advisers selling PPI should do at the time the insurance is sold to you.
What you should have been told:
- If PPI was optional on the product you bought, this must have been made clear.
- You should have been made aware of any significant policy exclusions and advised whether any of these exclusions applied to you.
- It should have been made clear to you how much the policy would cost and whether the PPI would be paid for by a single, up-front premium, or by regular premiums.
- If it was a single premium policy, then the adviser selling the PPI to you should have made it clear that the cost of the insurance would be added to the loan or finance agreement, and that you would pay interest on the insurance premium.
- If the insurance expired before your loan or finance agreement, the adviser should have made it clear that this was the case, and (in the case of single premium policies) that you would continue to pay interest on the insurance premium after the insurance had expired.
- If you were not told some or all of this information either before or at the time you agreed to take out the PPI, then you have grounds to complain.
If an adviser tried to persuade you to take out PPI, the sale has moved from a 'non-advised' to an 'advised' sale. If this happened to you and you did not receive a 'demand and needs statement', then you have grounds to complain.
There are certain additional requirements on firms and advisers that carry out 'advised' sales:
- With an advised sale the adviser must assess whether you need PPI, considering your circumstances and any existing insurance you might have. The adviser must also assess whether the policy, including its costs, is right for you.
- If the policy does not meet all your needs, perhaps because of one of the exclusions, the adviser must clearly tell you which of your needs the policy will not meet and must take this into account when considering whether to recommend the policy to you.
- The adviser must issue a demands and needs statement to show why a particular policy has been recommended and why it is suitable for you whenever an 'advised sale' is undertaken.
- Firms or advisers giving advised sales must keep records showing that a suitable recommendation was made, and recording any demands and needs that might not have been met.
Pegasus are here to make use of the law to help you. Do not give in. You have rights, and we can help you challenge any irregularities.
Your lender may try to wriggle out of upholding your complaint by saying that all this information was provided to you in writing after the sale. Pegasus is here to help you. If your lender broke the rules, you are entitled to complain and to redress.
The rules are very clear in stating that you must be given a certain amount of information at the time you are buying the insurance, so you can make an informed decision about whether the insurance is right for you or not.
PPI Barristers & Solicitors Harborne Birmingham
Our PPI barristers and solicitors are based in Harborne Birmingham and know what it takes to succeed against the largest banks with a successful PPI claim. Call us on 0121 455 8347 or click here to make an enquiry.