Lenders like Central Capital have been subject to investigation by the Financial Services Authority due to the mis-selling of Payment Protection Insurance packages in vast quantities. If you have taken out one of Central Capital’s loans from between £5,000 to £100,000 and believe you were mis-sold PPI with that loan, then you could potentially pursue a claim.
The PPI Scandal Uncovered
The investigation of Payment Protection Insurance services by the FSA has been ongoing for a number of years. PPI is meant to cover borrowers who fall behind on payments due to certain circumstances beyond their control, such as redundancy or illness. There are strict criteria customers need to meet in order to qualify; if these are not met, the policy won’t be valud. Often lenders like Central Capital have been found by the ombudsman to have sold PPI to customers without explaining the consequences of doing so, or have misleadingly presented the policy as an integral part of the overall loan agreement. There are even some customers who are not aware they have PPI, and have therefore not stepped forward to claim.
Getting your PPI Back From Central Capital
If you were sold a policy that was not fit for purpose, or if you fall outside the insurance criteria of the lender, you could claim. If you were told that your policy was mandatory or that it would result in a higher probability of your Central Capital loan application being successful, then there is a good chance you could have a successful claim. In addition, if you were not advised of the range of deals on the high street or invited to look around for other choices, then you may also have been mis-sold. Central Capital must adhere to legal rulings to review your application even if it has already been rejected. They must also deal with your complaint in a timely fashion, with claims made after January 2011 being processed and responded to within eight weeks. You have the right to appeal or escalate a decision from the bank to the ombudsman within six months and they can review your complaint independently.
You can either contact Central Capital directly or you could use the services of a fee charging PPI claims management company. If you do decide to use a claims management company, make yourself aware of the following before signing anything:
- The success rate of the claims management company
- Ask them specifically if they have dealt with Central Capital before and if so, what their success rate has been
- Ask them what their fees will be. Fees generally fall between 20 and 30% of the successful claim amount plus VAT.
- The reputation of this company – do some reading around and researching, ensure they’re fully licensed by the Ministry of Justice and acting legally.