If you have ever taken out a mortgage, loan, credit card or store card and were put under pressure to buy a payment protection insurance policy that you didn’t want, or bought one that you didn’t fully understand, you were missold loan insurance and could be entitled to thousands of pounds in compensation.
Payment protection or loan insurance is a policy that guarantees your monthly mortgage, loan or card payments will be covered in the event that you can no longer work – usually due to illness or unemployment.
Unfortunately, many PPI policies are full of clauses which mean that in most cases -85% according to the Citizens Advice Bureau – a claim is invalid.
You were missold loan insurance if you were unaware of the details of your policy when you bought it and therefore did not know under what circumstances you could make a claim. You were also missold loan insurance if you were pressured into buying it or led to believe you could not take out the loan without it.
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and you will be put in touch with an expert from specialist claims company Claims Financial, who will assess your case to see if you are eligible for compensation.