PPI Compensation for Financial Mis-selling

Recover Money from Lenders

We recover PPI compensation for clients who have been treated unfairly when taking loans. If you’ve got or had a loan in the last 6 years, you may be able to reclaim thousands of pounds. 20 million PPI policies have been sold in the UK. An estimated 50-70% of these have been mis-sold. Millions have been recovered from lenders for tens of thousands of customers who were victims of this financial mis-selling. Successful PPI compensation claims result in a refund of all premiums, with interest added at the statutory rate.

Average Size of PPI Compensation Awards

The average size of a PPI compensation claim is £2500. PPI premiums add anywhere between 25 and 35% to the total loan amount, according to the Citizens Advice Bureau. You can claim back a single mis-sold PPI premium or the total of your monthly installments, plus statutory interest of 8% added on top. In the more serious cases you can pursue compensation for unfair loan terms, ask the judge to reduce the terms of loan, or even cancel it altogether if the Consumer Credit Act has been breached.

Goodwill Payments & Rejected Complaints

Customers are often offered 'goodwill' payments from their lender as compensation for a complaint. These should be treated with the utmost care, as the offer could represent only a fraction of the PPI compensation that you are entitled to. If your PPI complaint is upheld then the lender will be required to put you back into the financial position you were in before you took out the PPI. In Oct 2009 the FSA ordered 185,000 rejected PPI compensation complaints to be reopened by the lenders which sold them.

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