Consumer Credit
Being charged too much for credit? There may be a solution!
If you are one of the millions of people that have taken out a credit card or loan to cover your borrowing, it could be that you are entitled to compensation. You may be paying too much each month, because of having been missold payment protection insurance. Often when you take out a loan or credit card agreement, at the same time you are sold a Payment Protection Insurance Policy. This is supposed to cover your repayments if you lose your job, become ill or have a serious accident.Many policies have been unfairly sold, or mis-sold
On the face of it, Payment Protection Insurance is a valid product and one you should consider taking out. Unfortunately over recent years many of these policies have been unfairly sold, or mis-sold.Lenders and insurers are supposed to check first that the insurance is actually right for you. For example, this kind of policy doesn't work for you if you are retired, or a student, or self employed. Many lenders simply skip these checks, which is unlawful. The result is that you end up paying a hefty premium for an insurance that doesn't actually give you any cover. Your money has been wasted. You have been sold something you don't need and that doesn't work – effectively, you have been ripped off!
Up to 80% of the money you have parted with goes on commission
There is also a more sinister side to all this. The Office of Fair Trading recently discovered that the cost of these policies is often artificially inflated, so that huge commissions can be earned from selling them. Sometimes up to 80% of the money you have parted with goes on commission, rather than on actually providing you with cover. This is all done in secret, behind your back. The insurance you have been sold is not the best product for you, but is instead the product that generates the biggest commission for whoever sold it to you. Instead of getting the best available policy for you, you will have been ripped off so that a fat kick-back can change hands.If you have been ripped off you are entitled to compensation
If you have been ripped off in this way, you are entitled to compensation from your loan or Credit Card Company, which includes a full refund of the premium, and any interest you have paid on that premium.We at Aegis Law can win you that compensation, and because we can act for you on a no-win-no fee basis, we can do so at no cost to you.