Financial Mis-Selling

If you have taken out a loan of under £25,000 in the last 6 years there is a very good chance that the loan agreement is unenforceable. The Consumer Credit Act 1974 requires lenders to include certain information in a loan agreement. If the information is either missing or incorrect the lender cannot enforce the loan. This means that the borrower does not have to pay the outstanding balance. This can often amount to thousands of pounds.

In addition, there is a high likelihood that if you have taken out a loan or a mortgage, you were also sold a single premium personal protection insurance (”PPI”) policy also known as Accident, Sickness and Unemployment (”ASU”) insurance. The premium for the insurance policy is then added to the loan and interest is payable on this sum for the entire duration of the loan. Very often the borrower ends up paying several thousands of pounds for cover which s/he may never had needed. It has now been established, most recently by the Competition Commission, that many of these policies were totally unsuitable for the borrowers needs and were effectively mis-sold.

This is particularly that case where:-

• The borrower was under 18 years or over 65 years of age when the policy was sold.
• S/he was self employed or employed part time.
• S/he had pre-existing cover against accident, sickness or unemployment eg occupational sickness pay.
• S/he was pressurized into purchasing the policy in order to qualify for the loan.
• The premium was added to the loan without the borrowers knowledge.

If you fit into one or more of the above categories you are likely to be entitled to a full refund of all premium payments plus interest at the loan rate. Many borrowers have recovered thousands of pounds and very often had their entire loans written off.

There are many companies which offer to recover mis-sold PPI premiums for their customers. However, these companies will generally take 25% to 35% PLUS VAT of any monies recovered. This can often amount to thousands of pounds of your money.

Here at tmfortis, we can take your case on a “no win no fee” basis and will guarantee 100% of any monies recovered for you.

If you believe that you may have been mis-sold an insurance policy please contact us for an assessment. Similarly, you might want us to check your regulated loan agreement for you in case it is unenforceable against the lender. Please contact us for a free review without any obligation.