Payment Protection Insurance (PPI)

What is Payment Protection Insurance (PPI) mis-selling and how do I know if my policy has been mis-sold?

There are many reasons why your PPI policy may have been mis-sold to you.  The simplest reason may be because you did not want the insurance in the first place but you were made to feel that you would not get the loan or credit you needed if you did not take it.  Other reasons relate to whether or not the policy was suitable for you and your circumstances or whether you were even eligible for the policy. Your personal situation may mean that you would not even be able to claim under the policy due to the various exclusions on the plan, which may not have even been explained to you.

Is there anything to pay to upfront and do I get charged a fee if my claim is not successful?

No, the claims company that we recommend will not charge any up fronts fee. This is No Win No Fee service with a charge of 25% plus VAT of any successful claim won for you.

How much am I likely to win?

We are unable to say at this stage but our recommended claims specialist will aim to obtain a full refund of the premiums and interest you have paid plus additional compensation on top of this for the time that these funds have not been available to you. Therefore, the amount will depend on the size of your premium and when your loan started. The amount payable to you could be quite substantial if your policy and loan started some time ago. It is our claims specialist duty to ensure that you get back the maximum amount possible.

Can I still claim for a loan and policy that I repaid many years ago?

Yes, it is possible that we can even drive a successful claim for policies that finished many years ago when the loan was repaid.

If you make a successful claim will it affect my policy?

Yes. If we asses the sale of your policy and consider that it should not have been sold to you, we will aim to obtain a full refund of the premiums you have paid. Therefore, your policy will be cancelled and the cover will cease.

Spa Financial Solutions are not regulated to undertake claims duties for clients. However, we have partnered with an number of Ministry of Justice regulate claims specialists who we would be pleased to recommend to a client.