First Refunds Mis-sold PPI refunds

The mis-selling of loans, (homeowner, car loans and credit card), and the insurance sold alongside them (PPI) is one of the biggest rip-offs carried out by banks - First Refunds can help you reclaim PPI which could mean a refund of £1000s to you.

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"90% of mis-sold PPI claims are paid out"
(The Financial Ombudsman -March 2009)

Have you been ripped off by your lender? Did they sell you an insurance policy (PPI), that was overpriced and not worth the paper it was written on? The most common scam was that you were forced to borrow extra funds to pay for the PPI, which you have to pay interest on for the life of the loan. But ….the insurance only covered you for 5 years!

If PPI was automatically added to your loan; if you felt pressurised into taking it; if you were told you had no choice; or you had a job that already provided cover then your PPI was probably mis-sold and you have a very good chance of reclaiming your money back.

To find out if you are able to claim, or to start your claim,

simply complete the 'no obligation' form.

Your answers will usually tell us all we need to know, but we may call you for additional details if we need clarification. Don’t worry if you can’t remember any of the facts, the burden of proof falls on the lender, who should have full notes and records of all your conversations with them. Once we have received your form we will acknowledge receipt of it and explain the different stages of the claim.

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Payment Protection Insurance (PPI)

What is PPI?
PPI is an insurance policy that is typically designed to maintain the repayments on a loan or other form of credit in the event that you fall ill, become unemployed or in the worst case scenario, suffer bereavement.

It is generally a sensible idea to have some form of insurance to protect you against these unfortunate eventualities, especially in the current financial climate. The challenge comes in choosing the best and most relevant type of insurance policy from the bewildering array of insurers and products out there.

Lenders will try and help you by ‘persuading’ you to take to take out their insurance on the basis that it is the best on the market. The real reason however, is because they get a commission from the Insurers.

In many cases, and particularly on secured loans, upto 40% of your insurance premium is shared between the insurer and the lender in the form of commissions. With the premium being anything upto 20% of the value of your loan, the commission payment is a personal loan in its own right!

Similarly with unsecured loans and other forms of credit, the insurance premiums can be exorbitant simply because of the lenders greed for the commission income.

Mis-selling
With these large sums of money being available to lenders in the form of commission, the pressure is really on to sell the insurance. Loan and sales consultants everywhere will have weekly and monthly sales targets and in some organisations even daily ones.

The honest loan consultants will try and sell you the insurance in a genuine manner. They will go through a “demands and needs” procedure with you and establish that you do really need the insurance, perhaps for example because you don’t have any existing cover.

The less scrupulous loan consultants however, will cut corners and you may actually end up with an insurance policy that you do not actually need, is prohibitively expensive, doesn’t cover the term of your loan and for which you may not actually be eligible for.

If you have been a victim of mis-selling and would like to claim against your lender, we can take all the hard work and worry associated with the claims process.