YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR RATESETTER LOAN
RateSetter is the largest peer to peer lending company in the UK and has stricter lending criteria that most other PTP lenders, with only 15 per cent of applicants accepted.
Borrowers can apply for loans lasting half a year to five years, with the amount varying depending on the individual applicant.
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 RateSetter
There are several ways in which RateSetter 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 RateSetter 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 RateSetter 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 RateSetter to the loan advance, you may have been mis-sold.
- RateSetter was required to list the costs separately.
- Was any information provided by RateSetter 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 RateSetter 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 RateSetter make this clear?
- If RateSetter 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 RateSetter 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 RateSetter 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 RateSetter loan application, did you feel pressurised into buying PPI?
- When taking out PPI RateSetter 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 RateSetter?
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 RateSetter.
How to start your PPI claim with RateSetter?
Plevin Ruling – Making a High Commission PPI Claim with RateSetter?
If you have raised a previous PPI complaint with RateSetter 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. Learn more about High Commission PPI claims.
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.