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So,
how does it work?
If you have been sold Payment
Protection Insurance (PPI) which was added to your loan as a
Single Premium Payment to which interest was added, we could
help you to claim back all repayments that you have made and
the PPI plus interest in circumstances where there has been a
breach of the law.
Why
should you use us?
As a firm Alexander Lawyers LLP have gained valuable experience
in the PPI Market and are currently training other solicitors who are looking
to get into the market. Therefore if you want your claim handled
by an experienced firm who are specialists in this area then
we are the right firm for you.
What
do we need from you?
We simply require the loan document which you would have been
supplied with at the time you took out the loan. This will indicate
whether you have a reasonable chance of success. We can tell
you within 48 hours whether you have a claim or not. We will
not charge you for this service. Go to "Contact Us"
and submit your details.
Do you need to pay us anything?
There is no up front payment needed from you. We will run your
case under a "Conditional Fee Agreement" which means
that if you win, our basic charges, disbursements (i.e court
fees), success fee and insurance premium will have to be paid.
Although the fees and disbursements are ultimately the responsibility
of the client we can seek to recover these in part or full from
your opponent. We will make an application for you to recover
these costs.
If you lose then you will have to pay the other sides costs,
although, we will take out an insurance policy on your behalf
to cover the costs.
Should I Stop making my loan repayments?
Whilst we will advise you of your chance of success you should
continue with your repayments until a settlement is reached.
How
Long Does It Take?
The time taken to settle a Payment Protection Insurance (PPI)
claim is usually between 6 - 9 months. However it can be quicker
or longer as every case is individual.
Background
The Consumer Credit Act 2006 (which received Royal Assent on
30 March 2006) was the culmination of a three-year review of
consumer credit law and reforms the Consumer Credit Act 1974
to protect consumers and create a fairer, more transparent and
more competitive credit market by:
- enhancing consumer rights and
redress by empowering consumers to challenge unfair lending,
and through more effective options for resolving disputes;
- improving the regulation of
consumer credit businesses by streamlining the licensing system,
requiring minimum standards of information provision to consumers
and through targeted action to drive out rogues;
- making regulation more appropriate
for different types of transaction by extending protections to
all consumer credit and by creating a more proportionate regime
for business.
Companies fined for Mis-sold PPI Policies
The Financial Services Ombudsman has undertaken detailed investigations
into the Mis-selling of PPI policies. For details click here
PPI
Mis-sold Checklist
Whether good or bad, sellers
have a responsibility to inform you about their insurance terms
& conditions. All polices will have exclusions which
should have been explained to you clearly at the time of taking
out your loan. You may have been mis-sold if you fit
into one or more of the following categories:
- Self-employed, unemployed,
redundant or retired...
This will only apply if you were employed at the time you took
out the loan, or if you were never asked about your employment
status at all.
- Past medical problems...
Most
policies exclude existing medical conditions. Therefore your
policy could be affected by past medical problems. If this applies
to you or you were never asked about your medical history you
may be able to make a claim.
- The provider has already
been fined for mis-selling...
Many
providers have already been fined for mis-selling cover. If your
provider has been fined, it is very likely you have a case.
- You were sold a ‘single
premium’ loan policy...
A single premium policy is
where the total cost of the insurance is added to your loan at
the start of the agreement. You then repay the cost of the insurance
over the term of the loan. If you had one of these polices and
left or changed the agreement part way through, you may be eligible
for a part refund.
- Was it explained to you that
there were other alternatives to a Single Premium PPI...
If you were not told about alternative options for PPI you may
have a case.
- Were you given full details
of the insurance...
This
covers anything from being told the insurance was compulsory,
to not knowing you had even purchased PPI when taking out the
loan. As you should be told about the full terms of your insurance,
any lack of information could make the sale unfair.
- Was it assumed you wanted
PPI and therefore automatically included in the loan...
If you were not told
about PPI when taking out the loan and either discovered it on
recently reviewing your loan agreement or even discovered it
just after signing all documentation and felt it was too late,
you may be able to make a claim.
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