PPI Team Established

FARLEYS Solicitors, one of the Northwest's leading law firms, has assembled a team dedicated to claiming back payments made on mis-sold insurance policies for loans, mortgages and credit cards.

Payment Protection Insurance, known as PPI, is often sold alongside finance products such as loans, credit cards, store cards and mortgages, and is there to help you meet repayments in the event you are unable to pay due to redundancy, sickness or an accident.

For some people PPI has proven invaluable, unfortunately it is simply not suitable for the majority, with it coming to light over the past couple of years that many of the policies were sold to borrowers unable to benefit from it, and in some cases just had the premium added to their policies without their knowledge.

Part of the new team, David Corrigan, says of Farleys' work to get compensation for its clients,

"With the boom in lending we've all seen over the past decade, providers of this credit have really been cashing in, not only on the interest charged but also on the exorbitant fees for PPI. It is quite an expensive insurance and all too often we are finding that consumers were either not made fully aware of the cost, had it fully explained what it was they were buying, or even given the option of whether they actually wanted the cover."

Farleys Solicitors new Payment Protection Insurance team recoup payments on behalf of clients on a no win, no fee basis. Being a law firm, regulated by the Solicitors Regulation Authority, all claims are dealt with in-house using the firm's considerable expertise.

Jonathan Bridge, Litigation Partner and head of Farleys Manchester office, says,

"Millions of PPI policies have been sold to borrowers and are in force throughout the UK, many of these will have been mis-sold or added to credit repayments without the customer's knowledge. With the downturn in the ecomony and redundancy on the rise, many people are now turning to these policies to aid them with their repayments, and many people are now finding that the insurance is worthless."

Which? said people were wasting their money buying any form of PPI policy.

"Credit card PPI is a modern day snake oil - it's a useless product, expensive and poorly designed," said Doug Taylor of Which?

"In this time of economic uncertainty, people are effectively throwing away £970 million each year, when they should be encouraged to seek independent financial advice about protecting their finances as a whole," he added.

Often, the amount of compensation successfully claimed from the provider far exceeds the PPI premium paid, and in some 'loan-busting' situations even the value of the loan or credit is able to be recouped.

If you would like to talk to an expert about Payment Protection Insurance, or feel you were mis-sold credit of any kind, then call Farleys Solicitors now on freephone 0800 074 1958 or you can e-mail us.