PPI should have always be an ‘option’ not a requirement
What our clients tell us is that they didn’t realise that these Payment Protection Insurance policies were optional extras and many say they were automatically added to their loan. Others assumed that they were necessary to get approval for their loan.
Claim Compensation for PPI on loans is straightforward and possible even if you misplaced or destroyed the paperwork.
A huge financial impact
Often these PPI policies were added on top of your loan in what’s called a single premium policy. It’s often not obvious that PPI can add up to a lot of extra money paid out by you for your loan over time. According to the Citizen’s Advice Bureau Payment Protection Insurance can add between 13% and a staggering 56% to the cost requirement of your loan.
Our own research has shown that Payment Protection Insurance costs incurred by our clients averages out to be in the range of 25% to 40% on top of their loan. While this could be a shock in itself, finding out that the Payment Protection Insurance didn’t cover you as expected often comes as a greater shock as this is effectively money down the drain