YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR POST OFFICE LOAN
While it may seem strange at first, the Post Office offer both saving and cash withdrawal services, as well as personal loans of £2,000 to £25,000. They operate in partnership with Bank of Ireland, both in loans and credit cards.
What Is Post Office 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 the the Post Office
There are several ways in which the Post Office 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 the Post Office 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 the Post Office 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 the Post Office to the loan advance, you may have been mis-sold.
- The Post Office was required to list the costs separately.
- Was any information provided by the Post Office 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 the Post Office 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 the Post Office make this clear?
- If the Post Office 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 Post Office 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 the Post Office 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 Post Office loan application, did you feel pressurised into buying PPI?
- When taking out PPI the Post Office 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 Do I need to Start My PPI Claim with Post Office?
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 we can find out if you had PPI on this or on any previous finance products and/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 your Post Office loan for free.
How to start your PPI claim with Post Office?
To get your PPI claim underway we’d like to discuss the details of your case with you, so your complaint can be lodged with Post Office on your behalf as quickly as possible.
- To start your PPI claim we first need to establish if you had PPI on your Post Office loan account. To start your Free PPI check with Post Office complete our online form with your contact details.
What If my PPI Claim Has Already Been Rejected by Post Office?
If you have raised a previous PPI complaint with Post Office which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the new Plevin ruling on your PPI policy, please complete our online High Commission PPI Check check.
Loan providers facing PPI claims:
The following is a list of loan providers who are known to have sold PPI. Please note this is not an exhaustive list.