YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR CLYDESDALE BANK LOAN
Customers of Clydesdale Bank can access a wide range of lending products, from loans to credit cards and mortgages, as well as current and savings account.
Personal loans are available for values from £1,000 to £25,000 and customers can use an online loan calculator to work out how much they’ll have to pay back over differing terms.
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 Clydesdale Bank
There are several ways in which Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank to the loan advance, you may have been mis-sold.
- Clydesdale Bank was required to list the costs separately.
- Was any information provided by Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank make this clear?
- If Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank 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 Clydesdale Bank loan application, did you feel pressurised into buying PPI?
- When taking out PPI Clydesdale Bank 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.
Reclaiming Clydesdale Bank PPI
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim. If you no longer have the paperwork, don’t worry – at PPIClaims.com we can find out if you bought PPI on any previous products or accounts.
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, we can check if you had PPI with Clydesdale Bank for free.
Start Your Clydesdale Bank PPI Claim?
We’d like to discuss the details of your case with you, so your complaint can be lodged with Clydesdale Bank as quickly as possible.
Before proceeding with a mis-sold PPI claim with Clydesdale Bank we first need to establish details of the PPI policy you held with them and offer a FREE PPI Check** service for this part of the claim process.
Starting your FREE PPI Check is easy:
1. Call our dedicated number 0333 443 2500; or
2. Complete our FREE PPI check form to start the process.
What If My PPI Claim Has Already Been Rejected by Clydesdale Bank?
If you have raised a previous PPI complaint with Clydesdale Bank 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, please complete our online PPI High Commission refund form.
Other Loan Providers Facing PPI Queries
The following is a list of loan providers who are known to have sold PPI. Please note this is not an exhaustive list.