PPI Claims for Loans
If you have taken out a bank loan at any point in the last ten years, there is a good chance you were mis-sold PPI is an insurance policy designed to cover your outgoings in the event of you being unable to work through illness or injury. However, a great many of these policies were mis-sold, meaning customers were left paying for unnecessary, useless and expensive insurance.
Claiming Back PPI from a loan companyIf you were mis-sold PPI with a loan, you are entitled to claim back everything you paid to the policy. If you are unsure about whether or not the policy was mis-sold to you, call us on 0141 647 9851 to discuss your claim.
You can make a claim for Payment Protection Insurance on a loan even if the loan is paid off, the lender has gone out of business or you have lost the original documentation. If you have the documentation, it is simply a matter of checking to see if you were in fact sold PPI. It should be mentioned on your loan agreement.
Many people who took out loans over the last ten years were given the impression that PPI was necessary or that it increased their chances of getting the loan. In some cases, the customer was not even informed that PPI was being included.
With lump-sum loans, the cost of PPI as a percentage of the total repayable amount varied from 13% to a massive 56%! Clearly this would hugely increase the monthly repayments. Many of our happy clients are being refunded thousands of pounds for each loan – most with interest included!
Banks, building societies and other lenders have set aside vast pots of money to reimburse aggrieved clients. These amounts often run into the hundreds of millions of pounds which gives an idea of the scale of the mis-selling.
As PPI experts, we can help you reclaim the compensation you are entitled to.
CBC Solicitors - Expert PPI Claim Lawyers Glasgow, Scotland
If you have any questions about making a loan payment protection insurance claim in Scotland or would like to make an appointment to talk about your situation, please contact Colin Carr on 0141 647 9851. Alternatively, fill in our online enquiry form.