DRL the claims division of Key2Law Solicitors has reported to its Board of Directors a new business growth record in the amount of new Payment Protection Insurance (PPI) claims. PPI is often mis-sold to borrowers buy the lenders at the point of entering into a loan agreement. Often the salesperson acting on behalf of a lender is paid a higher rate of commission by the lender if Payment Protection Insurance is sold in conjunction with the loan agreement. Debt Review Ltd specialises in consumer claims targeted at consumers who have entered into a borrowing agreement with any lender, many of these agreements have Payment Protection Insurance included within them, many of DRL's clients have borrowed money to finance the purchase of a Time Share arrangement,
We asked DRL Director of Litigation; "what is a PPI Claim and how to claim back PPI payments made to a lender?" “A PPI claim exists when PPI was mis-sold to a borrower under any circumstances, or where the loan was conditional upon Payment Protection Insurance being taken on by the borrower, or where by PPI is wholly in appropriate, for example where the person is unlikely to be able to make a claim in the first instance i.e. if the borrower is already disabled or retired or self-employed or a Director of a Ltd Company – to make a claim is a straight forward process when handled properly and can often lead to a further claim against the lender for breaches of the Consumer Credit Act 1974, which may result in a court declaration rendering the whole loan as unenforceable” stated Bartholomew-White
There are a number of types of PPI claim and it is important to understand which type you have prior to making a claim. It is a good idea to establish what type of Payment Protection Insurance that you have be it a monthly, annual or fixed one-off premium type. You will need to know what declarations you made at the time of the loan, what the quotations stated at the time prior to borrowing, whether the premium was capitialised and where was it disclosed on the loan agreement. Then you can decide if the disclosures, agreement and sales process was in keeping with the CCA 1974.
Notwithstanding the above, it could well be worth your while looking into your loan agreements to discover if you have Payment Protection Insurance and if you do you may have a claim. You can then decide if you which to pursue the claim yourself or appoint a PPI Claim Experts like Debt Review Ltd. DRL operate on a strict No Win No Fee PPI basis, this means that they are only paid in the event that your claim against the lender is successful, so with DRL you have nothing to lose in making a claim, and we are told by DRL that the turnaround time can be as quick as 4 just weeks! Just in Time for Christmas..