RCLME Helpline

Right Conclusion Limited offer a FREE review of your policy and guarantee that we will get you all the money that you are legally entitled to receive.

PPI. Payment protection insurance

Loan Claims

First you need to establish if you have Payment Protection Insurance before claiming back PPI.


You may have PPI attached to your loan without your knowledge Check your loan contract now.


Upwards of 2 million people have been sold PPI, without their knowledge.


Payment Protection was normally attached as an upfront single cost premium and added to your loan, both loans then attract interest and you are given only one monthly repayment. Since the beginning of 2010 this practice has ceased to exist. You can now claim back your premiums


The PPI is sold to cover loan repayments in the event of certain problems;

Accident
Sickness
Unemployment


There is nothing wrong with a PPI policy for those who need them and assuming it has been sold correctly. However, recent investigation by the relevant governing bodies has shown that they have been systematically misselling PPI to millions of people and that claims, when made, are usually unsuccessful.


There are many different claim back reasons which, when you are made aware of them, may entitle you to submit a misselling claim.


The insurance cost isn't in the APR


If you get a loan with insurance the interest rate (APR) you pay is irrelevant. An 8.5% loan can be cheaper than a 7% loan with PPI. This is because the APR doesn't include the insurance cost, just the cost of the interest, enabling lenders to hide expensive insurance.


If you ever need to claim back on your insurance, due to losing your job or being ill, many providers restrict each claim to 12 months, no matter how long your agreement runs for.


So if you claim one year into a five year loan you won't be covered for the final three years payments, even though you'll be paying for the insurance.


Sadly some bank PPI policies are so expensive, that the maximum payout if you claimed for a full year may only be roughly the same as the cost of the policy. E.g. you may pay £1,500 for the policy over the life of the loan plus interest, but the maximum it would pay out is just £1,600.


A guideline for a correct sales process should include being fully informed of the total costs, advise you the policy was optional, give you the full PPI policy condition and documents, ask about any pre-existing medical conditions you may have had, ask about your employment status and much more. Normally, PPI was often sold without much investigation in order to boost company’s profit margins and commission for the advisers.


RCL Mis-sold Equities is a specialist PPI Misselling Claims Company whose aim is to help consumers in claiming back PPI premiums(plus interest) paid on their Policies.


Steps to reclaim PPI.


Contact us for a claim pack.


Return paperwork. with relevant copies of the point of sale documents i.e. PPI contract you signed.


Claim process We keep you updated about your PPI claim.


Your PPI award or offer explained. Cheque for you!


Pay my invoice Ways to pay.