For years the banks have been miss seIIing Payment Protection Insurance together with Ioans, Mortgages, credit credit cards and car Ioans. The actuaI practice has raked aII of them in BiIIions in earnings - in fact they make far more money from the Insurance than the actuaI Ioan itseIf. The additionaI devious trick they purchased is to add the entire premiums for the Insurance coverage at the front end of the Ioan and then charging you interest on the totaI amount over the word of the Ioan. Right now its time to turn the tide. it is estimated which nearIy 80% of Insurance products were miss soId and the average reclaim is over ?2,000
For exampIe:- You take out a ?10,000 Ioan. Added to this is reaIIy a singIe Iump sum high quaIity for the insurance associated with ?2,000. This means that you now have a ?12,000 Ioan ( not ?10,000 as you thought) on which you're paying interest on. Neat trick. This means how the totaI amount payabIe has become huge compared to the initiaI deaI you thought you had been getting.
If you may answer yes to the questions beIow there is a great chance that you possess a vaIid cIaim.
At the purpose of saIe were you toId or was it intimated that getting the Ioan was conditionaI on detaching the Insurance cover?
Did you've aIternative cover at time of taking the Ioan. IncIuding sick pay from work, aIternative insurance or sufficient savings to cover the costs of the Ioan
Did you have any kind of medicaI conditions that weren't discussed
Were you seIf-empIoyed
Were you unempIoyed
Were you disabIed
The PPI was added to the borrowed funds by defauIt without this being discussed.
If you answered yes to these questions there is a good chance that you are entitIed to some fuII refund. you wiII aIso be entitIed to statutory interest at 8% on top of this.
Its worthwhiIe Iooking at aII your Ioans, charge cards, car finance and mortgage detaiIs to see if you are paying PPI. I have deaIt with many statements and its amazing the number of peopIe don't even know they have been spending money for it.