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Reclaim PPI On Secured Loans

Reclaim PPI On Secured Loans

There was a time when secured loans were extremely popular with UK borrowers, but it should be noted they were even more popular with the lenders. These loans usually came with a hefty PPI policy attached, despite the fact that the policy itself was often of little or no use to the customer at all. The lenders didn’t seem to care about a mere detail like this, however.

Secured loans were often aimed at people with poor credit records, people who perhaps shouldn’t have been offered loans like this in the first place. Lenders such as First Plus, Paragon, Southern Pacific and London & Scottish were more than happy to sell their loans, in part because they were often secured on a property via what was known as a ‘second charge’.

One of the more distasteful aspects of PPI policies sold alongside secured loans was the fact that cover was so limited. In many instances, that cover only applied to the first five years of the loan, for example, even if the loan was to last for ten years or more. If you fell ill during year six, the chances are you would have had virtually no protection at all.

These days, we’ve become almost anaesthetised to the somewhat underhand tactics that were used to sell PPI, but this still shouldn’t detract from the need to seek justice. Compensation claims against organisations that sold PPI so unscrupulously are 100% justifiable, so if you had a secured loan from anyone during the lending boom you should be asking one or two questions.

Let Beat the Banks do all the hard work for you

Thankfully, Beat the Banks can ask those questions on your behalf, so you don’t have to do much to start the ball rolling. Our specialists have all the knowledge, and the experience and all the tenacity needed to mount a strong claim for PPI compensation, and it will only take a few minutes of your time to begin the process. Just call 0800 193 1234 to find out more.

Most other claims management companies will only seek the briefest history of your secured loan before claiming, but we at Beat the Banks always seek to go the extra mile. We know that the most robust cases will include the full history of the transaction, and that’s why we are as thorough as we can be. You might only get one chance to make a claim, so you want it to be a good one.

Cases of mis-sold PPI in relation to secured loans are usually more complex than those associated with credit cards and bank loans, but this doesn’t deter us. Our team often have to go through mountains of paperwork to get to the truth, and that’s just how we like it. The PPI deadline day is closing in now, so it’s important to start the search for justice as soon as possible.

We hope to be hearing from you soon on 0800 193 1234.

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