Payment Protection Insurance

You may have seen in the news recently that thousands of people have been mis-sold insurance with their loans. These policies are often expensive and have little or no benefit to the individual. Many people do not even realise that an insurance policy has been added to their loan. Are you one of the thousands who has been a victim of mis-selling?

Maddersons may be able to offer representation on a “No Win No Fee” basis so there are no up front fees and our experienced team of Fee Earners are happy to advise you regarding any potential claim you may have, without the need for you to attend our offices.
There are various reasons which could mean that a policy has been mis-sold. Some of these reasons include;

• The insurance premium is added to a Loan without the individual’s knowledge;
• When an insurance premium is added to a loan, interest is normally payable on the premium as well as on the loan amount borrowed. This is rarely explained and means that individuals are misled to believe that the cost of the insurance is far less than it actually is;
• The individual is led to believe that the insurance insures them for the full term of the loan when in fact they are only insured for 5 years;
• Where there is a joint loan, only one of the individuals is insured.