Could you be entitled to Payment Protection Insurance compensation? Join the millions of customers across the UK investigating their claims now and you may find that you are.
The PPI Scandal Explained
Many customers of Northern Rock and other high street lenders have been mis-sold Payment Protection Insurance as a value-added service to their credit agreements over the last ten years and are only now seeking compensation for one of the biggest banking scandals of the last decade. The insurance is designed to protect your payments should you fall ill or lose your job whilst indebted to the bank. However, Northern Rock, along with the rest of the major lenders, has frequently mis-sold policies to customers who are self-employed or otherwise unable to meet the criteria for the policy. Some customers were not even aware that they had bought the insurance, whilst others were not informed properly of its conditions. This has led to a full investigation by the Financial Services Authority, culminating in a ruling by the High Court in April 2011 that all banks must be clear on the features PPI policies. Banks have put aside up to £9 billion to compensate customers, and have been slowly acting on the FSA’s declarations that they should actively investigate claims from agreements already spent as well as those previously rejected.
Claiming your PPI Back from Northern Rock
As a Northern Rock customer, you are entitled to make a claim at any time, even if you have no current loan that includes PPI. It is estimated that even now, banks have not written to thousands of customers who may yet be entitled to PPI compensation. You can check your Northern Rock paperwork or bank statements, but it may not always be easy to tell if your interest and repayments have included PPI. If you find that you are entitled, or are not sure if you can claim, contact a MoneyBright adviser for help and guidance. If you have taken out a loan or credit agreement with Northern Rock over the last decade, you can check your PPI status and potentially claim it back with interest.