Picture Loans PPI Claims
I AM HAPPI.COM – We have made many clients HA-PPI against Picture Loans in respect of mis-selling Payment Protection Insurance (PPI) which has been added on to a loan. Our clients are claiming the following:-
Return/Refund of the Cost of the PPI Policy
There are many claims for a refund or return of the PPI policy paid to Picture Loans and to cancel the policy.
Loan to be Re-Written
To reflect the fact that the PPI policy should never have been added to the loan in the first place, that the loan should be re-written to remove the cost of the loan and to write-off all interest payments.
Loan to be Written Off
On loans taken out prior to April 2007, there is a possibility that if the PPI was not optional, the entire loan together with the PPI and all interest could be written-off and refunded.
CLAIM NOW
We operate a NO WIN NO FEE policy so you have nothing to lose to refund your PPI.
If you answer Yes to one or more of the following questions you may have a claim for PPI refund –
* Picture Loans failed to ask me about any pre-existing medical conditions when I took out a PPI policy
* Picture Loans failed to ask if I was or was shortly due to become self-employed when I took out the PPI policy
* Picture Loans failed to ask if I was retired or very close to retirement ages when I took out the PPI policy
* Picture Loans failed to ask if I was not employed (including student) when I took out the PPI policy
* Picture Loans failed to ask if I was a public services employee when I took out the PPI policy
* Picture Loans failed to ask if I had other protection policies in place when I took out this loan
* Picture Loans failed to advise me that I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
* Picture Loans failed told me that the PPI policy was compulsory and not optional
* Picture Loans failed to ask if I was not aware that the PPI policy was optional
* Picture Loans failed advise me that I would get a better interest rate or the PPI would cost much less if I took the PPI policy out with another insurer
* Picture Loans did not make me aware of the cost of the premiums on the PPI policy
* Picture Loans did not make me aware that the PPI policy cost would be added to the loan and I would pay interest on the cost
* Picture Loans did not make me aware that I had taken out the PPI policy when I took out the loan
* Picture Loans did not make me aware that I could purchase alternative PPI policies with other providers when I took out the loan
* Picture Loans did not make me aware that the PPI policy did not cover the life of the loan
Our Top 6 PPI Mis-Selling PPI Claims
We have listed below the most common complaints by our clients against lenders for the mis-selling of PPI policies:
1. Pressurised Sales
The sales advisor tells the borrower that without the PPI they are unlikely to obtain the loan due to their credit history or something else which may go against them if they do not take out the PPI. This type of pressurised sale is one of the most common techniques used. It must be remembered that PPI policies should be optional.
2. Assumptive Sales
Our clients experience are such that the PPI was on an “assumptive sale” that is, the PPI sold by the lender “assumed” that the borrowers wanted PPI rather whether it was suitable for them. To sell any PPI policy the lender must investigate whether the borrower really does need the PPI policy and establish any existing cover through insurance or employment.
3. Failure to Ask About Pre-Existing Medical Conditions
All PPI policies contain small print that exclude pre-existing medical conditions. The sales advisor often fails to investigate and ask the right questions to ensure that the borrower would be eligible for the PPI. Any pre-existing condition would bar any claim and make the PPI worthless.
4. Failure to Establish Existing PPI or Cover
Often the sales advisor does not ask the right questions on whether the borrower has any exiting PPI or existing similar cover which could be available through other insurance policies the borrower may have or through his/her employment. For instance the employer’s contract may pay the borrower his/her wages in full or in part for 6 months if they are off work due to illness. Should this be the case a careful analysis has to be considered to see if the PPI is suitable.
5. Did not Know About PPI
In a fair proportion of cases the sales advisor did not even tell the borrower about the PPI. The PPI cost was simply added to the loan without any knowledge. Should this be the case we will assume that the PPI was compulsory and therefore there is a chance that the loan could be written-off as well as a full refund of the PPI premiums paid.
6. Re-Selling PPI on Second Loans
There are other cases where our clients have been contacted by lenders to sell them a second loan. The second loan was then used to pay of the first loan (including the PPI) and then they have been sold PPI again. The PPI policy is “re-sold” or “churned” which in such circumstances are not fair to the borrower. The cost of the PPI in all loans sold in this way can be reclaimed or refunded and in certain cases have both loans written off in full.
Further Guidance
For more information on how to make a claim click here.
For more information about mortgage repossessions click here.
Visit our main Web site www.hutcheonlaw.co.uk
This Firm is regulated by the Solicitors Regulation Authority
PPI Claim Refunds
There are a number of claims against Picture Loans along with other major and respected lending institutions who are alleged to have been mis-sold PPI policies linked to a loan.
PPI is usually a “secondary purchase” to a loan or mortgage borrowers are taken by surprise when confronted with a PPI advice and just go along with the sale that they must or ought to have PPI to protect them. The borrower is not given time to think about alternative methods of protection or whether they really do need the PPI policy. The PPI sold along side a loan or mortgage are often single premiums added to the loan amount which is expensive to the borrower as it means that the borrower is paying interest on the cost of the PPI premium over the full term of the loan. PPI premiums are often loaded with commission payments making the cost of the policy even more expensive, with small print exclusions and cancellation penalties thousands of PPI policies have been mis-sold. We are making PPI refund claims against Picture Loans along with other major lenders on behalf of our clients as in all the circumstances it was not considered that Picture Loans treated their own customers fairly. If refunds are not made we will always consider taking court action if appropriate to ensure our clients are not financially prejudiced by the sale of the PPI. Picture Loans often respond to us by saying that the PPI has not been mis-sold. These claims are being considered very carefully and court action may be pursued where there is a denial.
A review of PPI mis-selling has been considered by the Financial Services Authority “FSA” which does not make good reading to the industry as a whole. Many respected Banks and lenders have been fined due to the fact that they do not have appropriate systems and controls in place to ensure that their customers are treated fairly. With large commissions and bonuses paid on the sale of the PPI policies lenders often fail to monitor whether the PPI policy has been mis-sold. It is the borrower who pays at the end of the day either through the monthly repayments towards the loan or mortgage or when a claim is rejected against the PPI policy. The Competition Commission has also investigated the sale of PPI policies. For further reading please click here.
Obviously not every PPI policy has been mis-sold and indeed if sold correctly would offer valuable protection. Every case must be individually considered on its merits. Each case is “fact sensitive” which means that as PPI refund claims solicitors we will be reliant upon what our client has said in evidence about how the PPI policy was sold in order for us to consider making a PPI refund claim. With documentary evidence in support and on occasions, the telephone recording of the sale, will provide us with a complete picture on how the PPI policy was sold. Obviously if the lender has been fined by the FSA this will help support a refund of the PPI policy.
When an event such as redundancy, loss of a job, illness or accident occurs the borrower only then finds out that the PPI policy is worthless due to exclusion clauses such as a failure to declare pre-existing medical conditions. Whilst the Financial Industry is now cleaning up its act there are still the historic PPI policies that have been sold which are costing many borrowers substantial sums for something at the end of the day are bits of worthless paper.
We are often asked what can be reclaimed or refund against the likes of Picture Loans and other lenders. The starting point in law is that the borrower must be put back into the same financial position as if the PPI was never sold. This means the return of all PPI payments made to lenders such as Picture Loans plus interest on the payments made. In addition the remaining PPI cost plus interest be waived and the loan re-written so that the future payments under the loan or mortgage reflect the reduced costs. In more severe cases where PPI was sold as a “compulsory purchase” or that the borrower had “no choice” but to take out the PPI policy alongside the loan there is also a chance that the loan itself can be written off. This is due to the Consumer Credit Laws which protect borrowers if there has been a breach of minimum requirement criteria.
Court Action – Defending Customers
In addition to taking action for refunds of PPI policies we are also acting for clients who have been taken to court by their Banks because they have fallen behind with their monthly repayments. In some cases we are defending repossession proceedings taken by lenders where a borrower has lost their job or was unable to claim a refund against the PPI policy due to a pre-existing medical conditions.
Mortgage Repossessions
We are able to offer support and ongoing advice in these types of claims all on a “NO WIN NO FEE” basis where there has been a mis-sold PPI policy linked to a mortgage or secured loan. Access to justice and legal representation should be a right and not a privilege. Unfortunately in many cases of this nature the borrower is unable to afford to appoint a solicitor to defend and counter claim. As solicitors we understand the stress and strain of repossession proceedings and the build of debt. But since the law has changed making it possible for specialist solicitors like R James Hutcheon to act for free it is now possible to instruct us without fear of getting into any more debt.
Expert legal advice on repossession claims where PPI has been sold along side the mortgage or secured loan can mean not only obtaining a full refund of all PPI but it could mean that the entire loan could no longer be valid if the PPI was mis-sold and breached the prescribed terms of the Consumer Credit Act. A complete defence could be made out. The advice is not to suffer in silence and contact R James Hutcheon solicitors on a NO WIN NO FEE basis. There is nothing to lose and everything to gain.
Visit our main Web site www.hutcheonlaw.co.uk
We are taking on claims against all the main high street banks lenders for mis-selling PPI claim and refunds including Alliance & Leicester, Bank of Scotland, Barclays Bank, BlackHorse Finance, HSBC Bank, Egg, First Plus, Lloyds Bank, Picture Loans to name but a few.
Mortgage or Second Charges?
Payment Protection Insurance is commonly sold as part of obtaining a mortgage. The lender often wants to protect themselves in case the borrower is unable to meet the repayments due to some unfortunate event. But again there has been widespread mis-selling of PPI linked to a mortgage or second charge so the borrower has no protection under the PPI policy and may face possession proceedings.
The added burden of the cost of the PPI policy on top of mortgage or a second charge often means that the repayments cost much more than initially thought. This is a large burden and often contributes to the borrowers failing to keep up their repayments.
Just like any single premium PPI policy added to a loan, a PPI policy added to a mortgage or second charge can also be refunded and claimed back if it was mis-sold.
I Am Happi.com Claims 