Claim back all your PPI!

Please read the following page or alternatively you can jump to a specific section using the followng links;

• PPI Background Information
• The type of PPI we can challenge
• Miss selling
• The REAL problems with PPI
• What we can claim for?
• Other PPI Agreement information.

PPI Background Information.

PPI (payment protection insurance) has been pushed mercilessly alongside loans for the past 15 years. The lenders nearly always make more from the sale of PPI than from the loan itself.

As an example, in 2002 Barclays Bank sold £360 million of PPI alongside loans. Their profit from that was over £280 million. They are not alone. ALL lenders have saddled their customers with this insurance to produce bumper profits.

Thankfully the sale of these policies was banned in May 2009. Relentless pressure from consumer groups, the Citizens Advice Bureau, television gurus and mainstream media has forced both the FSA and the government to ban the practice.

This now means that anyone with one of these policies is entitled to reclaim their money in full with interest and compensation added in.

By following the full legal process our solicitors can levy full costs against the lender.

There are an estimated 20 million PPI policies in force. We can also recover premiums going back over 6 years. This puts another 80 million policies up for challenge.

Real Claims aim to reach as many of the people who hold these policies as quickly as possible. Before the lenders look to change legislation which will cheat millions out of the money they are due.

If yes to any of the above you may have been mis-sold and entitled to a FULL REFUND!

The type of PPI we can challenge.

There are two types of PPI policy offered;

• Monthly premiums. These policies are separate from the loan, paid on a monthly basis and paid by a separate direct debit. These policies can be cancelled, increased or decreased at any time to reflect the personal circumstances of the borrower and there is no interest added to the monthly payment. Although slightly overpriced when offered by the lender, these policies are not worth challenging as the refunds will be minimal.
  
  
• Single premiums. This is where the PPI premiums for 36 or 60 months are calculated and added to the main loan. The payment is also incorporated in the payment of the main loan. The policy cannot be altered or cancelled as it now forms part of the loan. Clients also pay interest on the PPI at the same rate as the main loan form the outset.

This is the injustice we can challenge and recover money for the client. Because the premiums are so overpriced the return to the client runs into many thousands of pounds.

Miss selling.

99% of competing companies pursue the recovery of PPI premiums for ‘misselling’. This is a broad term which identifies customers who have been wrongfully sold the insurance and will never be able to claim.

There are a few broad categories for misselling.

Medically Exempt. All those with pre-existing conditions will find it nearly impossible to claim. Anyone with a history of heart complaints, high blood pressure, asthma, diabetes, high cholesterol, back complaints or even migraine may have their claim refused.

Income Exempt. All those with irregular, insubstantial or variable sources of income will also see their claims rejected. These include students, contract workers, the self-employed, housewives, retired, company directors and part-time workers.

Existing Cover Exempt. Anyone who receives full sick pay when they are absent from work will see their claim refused. These include all public sector workers, nurses, doctors, policemen and women, those in the armed services, government or local authority employees. It also includes anyone who has alternative accident, sickness and redundancy cover either through their job or through an existing policy.

It also includes those clients who have been not been given all the facts or given misleading information to coerce or force them in to purchasing a policy.

This would cover all those who had been told they could not take out a loan without taking PPI; those who had not even been told they had taken PPI; those who had not been informed that they would pay interest on the PPI; those who had not been informed that the PPI cover only lasted for 60 months; those who were never told that they could purchase cheaper cover elsewhere.

It is true that PPI can be recovered purely from a misselling angle. These claims however are normally performed by claims management companies. They have no legal process and on average will win 60-70% of cases.

They also offer the worst value for the client. They claim back the amount of the policy, the refund of all payments toward the policy and statutory interest on those amounts. They then take anything from 25-40% of the settlement as their ‘fee’.

We offer the best option for the client. As we pursue our claims through full legal process, we can put several extra factors into the claim which will add several thousand pounds to each settlement and give all of the money back to the client. We pursue the root problems with PPI and offer a 99% success rate.

The REAL problems with PPI.

Whenever a lender enters into an arrangement with a borrower they have an obligation to offer best advice to their client. This is a duty of care or fiduciary duty. It dictates that the lender must act in the best interest of the client and be open and transparent in all dealings with the client or on the clients’ behalf.

The sale of single or block premium PPI breaches that duty of care over and over and over and is always disadvantageous to the client:

• Block premiums can add up to 55% to the total loan and cost the borrower thousands.
• Block premiums cannot be altered to suit the needs of the client nor can they be cancelled.
• Block premiums attract interest at the same rate of the loan wildly increasing their true cost.
• Block premiums are vastly overpriced sometimes 20 times over.
• Block premiums vastly increase the cost of the loan and adversely affect the credit score of the borrower or reduce available equity and prejudice the ability to refinance or borrow extra funds.
• Block premiums run for a maximum of 60 months and can leave the borrower without cover for loans which exceed 5 years.
• Block premiums are almost never rebated if the borrower redeems the loan early and have to be settled in full.
• Block premiums earn huge commissions of 50-80% for the lender which, by law, should be declared to the borrower.  Failure to declare these premiums is a specific type of financial fraud.

There are many more breaches which we could cover but ANY of the above are enough to ensure victory in a PPI claim. Not only have the lenders ignored their obligations to the client but they have ridden roughshod over the rules and regulations from their regulatory and supervisory agencies.

These are the real issues and problems with PPI and these are the issues we pursue through the courts if necessary. This ensures an almost total success rate in our claims process.

‘Misselling’ is not the basis of a case but merely reinforces the serious misdemeanours of the lenders.

Our legal process identifies many more issues than a claims management company and will offer the maximum payout for each client with no deductions from their settlement.

What we can claim for.

By attacking the core issues we can ensure the maximum claim for the client as detailed below:

1. Return of the full PPI premium. The premium should never have been sold and we demand its’ return in full.
2. Return of all payments towards the policy. Any payments made toward the policy must be returned. Interest on these payments is calculated at the same rate as the customer has been charged.
3. Return of all commissions from the sale of the policy. The commission the lender has received from the sale of the policy must be returned in full.
4. Return of any broker commissions or fees. If a broker has arranged the loan, any commissions form the sale of the loan and the PPI must be returned by the lender. Any broker fees must also be returned.
5. Statutory interest on all the above amounts is charged at 8% per annum as allowed by law.

As you can see this full range of claim dramatically enhances your settlement figure.

Full legal process allows all the above to be pursued, through the courts if necessary and to get full recompense for the client.

* We may in line with our terms of business make a cancellation / admin charge.

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