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PPI Claims

Mis-Sold Payment Protection Insurance

Like every other thing in this world, there are plenty of positive and negative aspects related to mis-selling of Payment Protection Insurance. In the recent past, plenty of cases turned up where many people were found complaining that they have been sold PPI's unknowingly or on false grounds, which in either case is a scam.

Payment Protection Insurance
A Payment Protection Insurance (PPI) in simpler terms is an insurance, specifically designed to cope up with the financially-crunched situations arriving on the back of mishap like sudden job loss, accident or critical illness to a debt repaying individual.

The PPI comes as an added advantage at the time when a person is struggling hard to service his debt due to any mishap, that has lately occurred.

According to its defined norms, a PPI subscriber has to pay regular premium for the policy, along with his installments. In case of any mishap, provided that suitable criteria are met, an individual with PPI can ask the provider to pay a particular debt on his/her behalf for a pre-agreed period of time (usually 12 months). However, the term is marked as a financially negative period for the service-user.

Increasing Mis-Selling of PPIs

Despite of all the pros of this loan protecting product, there are high possibilities that you might end up losing all your hard-earned money, at the end of repayment term.

The matter of fact is that PPI has turned out to be a good earning source for the providers across United Kingdom, and that is the reason why its business has gained strong momentum in the last few months. But eventually it has resulted in the misuse of this revenue model and today many lenders are literally forcing customers to buy this product in the name of legal obligation.

Therefore many people have been found reporting the cases of PPI mis-selling, saying that initially they were not informed about the terms and conditions of the product and now they are not reimbursing the amount, which they paid as premium along with the loan installments.

This could happen to you too, if you are not aware of or you have overlooked the actual policies of PPI before subscription. With a little effort, you can easily detect a mis-selling at an initial stage. Following points will make your job easier in this regard -

Fact - PPI is optional with loans

Problem - Many individuals have filed PPI complaint asking for their claims, saying that they were asked to avail PPI as a mandatory product when they were subscribing for a loan.

Solution - PPI is completely optional. It is up to client's choice if he/she wants to avail it or not. Also it is not mandatory under law to avail PPI.

No information about your PPI subscription

If your bank is selling you a PPI without informing you about it, then you are authorised for a PPI claim, provided that you didn't use it.

Unaware about its T&C

A proper document, explaining all terms and conditions in detail should be provided with PPI as a mandatory practice, skipping on which, a bank have to pay Unfair Payment Protection Refunds

No knowledge of extra cost

In order to mis-sell a PPI to you, an institution could provide you the subscription without informing you about its actual cost. This is defined as illegal.

PPI for an unemployed

If you are asking for a loan when you are jobless, then PPI is not supposed to be added with it. However, a PPI mis-selling can take place this way.

PPI not for an ill person

A bank is not authorised to sell you a PPI if you are suffering from backache, stress or any other illness.

Fill a form for our help

We at online-unsecured-loans.co.uk, are dedicated to make you reach back to your money. All you need to do is to fill up a simple form on our website and let us know how you have been mis-sold a payment protection insurance. With the information provided by you on our website, our counselors and experts will brief you on the initials of Mis Sold Payment Protection Insurance Claims.

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