Were You Unaware You Had PPI?
If you have just checked your loan agreement and discovered you were paying PPI but didn’t realise you had it or know what it is for then you are very likely to have a claim.
Before July 2007 many agreements included pre-ticked boxes so you had to opt out of PPI rather than opt in.
It was also common for the sales person to misrepresent the PPI element by simply referring to the total repayment sum for a protected loan; this was a typical sales person way of hiding the PPI in with the loan and not making it clear to the borrower that PPI was included.
Here is an example of how this might happen:
- You: “I’d like a £5,000 loan over 5 years please.”
- Bank: “I presume you’ve seen our competitive interest rates.”
- You: “Yes, can you give me a quote please.”
- Bank: “Of course, our fully protected loan is £125 a month.”
The quote that has been provided is for both loan repayments and PPI which has been subtly referred to as ‘fully protected’, the actual repayment for loan and interest is £100 and the PPI is £25 but this is unclear from the way the quote is represented.
At Claims Advisory Group we frequently encounter this exact method of selling PPI and it is grossly unfair. The average consumer is not able to calculate the repayments to determine the figure includes PPI and the bank using the term fully protected, is at best ambiguous. We have had a high level of success with these claims against almost every high street bank.
Still in doubt? We recommend you seek the advice of a qualified expert.
Claim handlers such as Claims Advisory Group employ teams of experts who will be able to determine through a quick telephone call if it is possible you have a claim against the specific details you provide.