AvantCredit PPI Claims • Plevin Ruling • Undisclosed High Commission

AvantCredit Loan PPI Claim

YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR AVANTCREDIT LOAN

AvantCredit provides unsecured personal loans to individuals across the United Kingdom.

While it is possible for anyone over 18 to apply for a loan, they are mainly intended for use by those who may struggle to get a loan from traditional lenders. Their desire is to be a lower cost alternative to the payday loan companies.

Personal loans are available for amounts ranging from £500 to £20,000. They don’t have to be secured against a property, and don’t need to be backed by a guarantor.

What Is Loan PPI?

Many loan providers sold Payment Protection Insurance (PPI) to their customers over the last 20 years or so. The policy was meant to act as a safety net to protect borrowers from falling into arrears if they ever stopped working because of sickness, an accident or if they became unemployed, the policy would cover their loan repayments.

PPI can be and is a useful product if sold and used in the right way. However lenders found that selling PPI with a loan rather than a credit card for example, was much easier, because of the size and length of a loan.

PPI was mis-sold by banks and lenders on a huge scale over the last few decades, with over 60 million policies being sold from 1990 onwards.

Many millions of people were sold PPI without knowing they had done so. The result is many people are entitled to compensation – provided they can prove that the PPI was mis-sold to them.

PPI and its mis-selling has become the largest financial scandal in the history of the UK finance sector.

Grounds on Which Loan PPI May Have Been Mis-sold by AvantCredit

There are several ways in which AvantCredit PPI was mis-sold. Lots of people took out PPI cover with their loans believing that it boosted their likelihood of being accepted, or that the policy was a necessity. However, there are many other ways it may have been mis-sold:

Were you aware that AvantCredit had added the PPI insurance to your loan?

If you had no idea you had it, you may have been mis-sold.

At the time AvantCredit sold you loan PPI, were you unemployed, retired or a student?

If so, you may never have been able to claim on the policy, so it could have been mis-sold.

If the policy costs weren’t listed separately by AvantCredit to the loan advance, you may have been mis-sold.

AvantCredit was required to list the costs separately.

Was any information provided by AvantCredit about alternative policies?

If not, then you may have been mis-sold, because there may have been cheaper and alternative cover elsewhere.

Were you informed by AvantCredit about any exclusions?

For example, if you had any pre-existing medical conditions, the cover may have been voided, therefore you could be classed as being mis-sold.

Loan PPI is an optional product so not compulsory, did AvantCredit make this clear?

If AvantCredit told you it was required in order to secure the loan, or you felt pressured in any way to taking out loan PPI, you might have been mis-sold.

Were any checks done by AvantCredit to determine if you had any existing PPI policies?

If not, you may already have been fully covered, so were mis-sold if they failed to check.

Did AvantCredit check if your employer provides full sick pay?
- If no checks were done and you are entitled to full sick pay, your loan payments would have been covered rendering the loan PPI unnecessary.
When discussing your AvantCredit loan application, did you feel pressurised into buying PPI?

When taking out PPI AvantCredit should have made sure you were happy with the deal, instead of having it forced on you. If any pressure was placed on you to take out a policy you didn’t require, you may have been mis-sold loan PPI.

What you need to start a PPI claim with AvantCredit?

Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim.

If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember when or why you agreed to it? Were you informed that it would be added?

If you can’t remember please don’t worry as this can be done during the PPI check with AvantCredit.

How to start your PPI Claim with the Adventcredit?

Please Note: The PPI deadline (29th August 2019) set by the FCA has now passed and we are no longer accepting any new PPI claims.

PPI DEADLINE FAQ’s

Is There Any Leeway In Deadline Timing?

No – the deadline is absolute. If the claim is not properly logged with the lender before midnight on August 29th it will be officially time-barred.

I already have a case(s) going through with you, what will happen to them?

The deadline is for new claims only. All existing claims will be investigated and decided normally.

I have had a case with FOS through you for ages – what will happen to it now?

All FOS investigations of current claims will be unaffected by the deadline. It is for new claims only.

Will the deadline cause any delays in my case?

No – existing cases will be processed as normal with a final decision expected within 8 to 16 weeks of acknowledgement of the claim by your lender.

What if the bank wants more information?

A request for further information from the bank means that it has been accepted and is under investigation. The usual timescale of 8 to 16 weeks for a decision will still apply.

Why is there a deadline?

The deadline was set in place by the Financial Conduct Authority (FCA), which is the UK’s financial regulator. It’s chief executive, Andrew Bailey, said at the time: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”

“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”

What happens after the deadline?

The deadline is for new claims only. If your claim has already been lodged with your lender then it will be fully investigated.

What happens if my case is rejected by the lender?

If your claim is rejected then it will be passed to our specialist team who will evaluate the terms of the rejection to see whether an appeal to the Financial Ombudsman Service (FOS) might be possible and advise you of their findings.

Plevin Ruling – Making a High Commission PPI Claim with AvantCredit?

If you have raised a previous PPI complaint with AvantCredit which was not upheld, and you wish to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy. Learn more about PPI High Commission PPI claims.