YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR MOTOR FINANCE
Motor Finance PPI
Getting a loan to help us buy the things we want has become commonplace especially for big items such as cars.
Most car sales in the UK involve some kind of finance. If you purchased a car in the last few years using any kind of finance from a dealership or other type of car loan, you may have been offered an option to cover your repayments, if you were ever unable to work due to illness or if you lost your job.
The cover called Payment Protection Insurance (PPI) ensured that you did not face any penalties for missing a loan instalment, by making the payment for you if you met the full criteria set by the insurance company.
When the loan was taken out, you would have been asked a few questions to assess if PPI was suitable for your needs. Sometimes the right questions were not asked, or they didn’t go into enough detail, so the assessment may not have been accurate.
Many people took out PPI policies not knowing that they could have purchased a policy from another provider that may have suited their needs better and possibly at a cheaper rate.
It is important to read the small print in these documents as this is where the qualifying criteria of the cover is set out and the circumstances in which it will pay to cover your loan. As with all insurance policies there will be a set of exclusion clauses, so it is important to be aware of what they are and if any of the exclusions apply to you.