Reclaim PPI On Secured Loans With Beat The Banks

Secured Loans, Reclaim PPI With Beat The Banks

Secured loans were all the rage back in late 90’s and early early 2000’s. it was big business, big loans, big interest rates and not least of of big PPI premiums.

If you you think you paid PPI on a secured loan, then there is a significant chance that you may have been mis-sold PPI on the borrowing. The premiums were often huge and when added to the initial loan, it meant that the trust cost of the cover over the loan term was colossal.

It was a huge market. With the FSA estimating that in 2006, it was worth of around £7 billion. Here are just some of the providers from way back in the day, that you might remember – Southern Pacific, London & Scottish, Kensington, Paragon and of course the biggest and best known of them all, First Plus. Between 2008 and 2009 due to the financial crisis, secured loan lending fell by close to 90%.

So what was a secured loan and why were they so bad far your financial wealth? Well, the vast majority were taken up by people with poor credit records who were attracted to the promise of all their borrowing being bundled up into one “affordable” monthly payment. Loans were secured on the borrowers’ property by means of a “second charge.” It was even possible to borrow more than 100% of the property value.

Although maybe seen as curing debt problems, consumers were seen as easy prey for unscrupulous brokers, who normally worked with a panel of secured loans providers. Arrangement fees were often excessive, as were the interest rates and it was entirely normal to lump huge PPI premiums on the borrowing right from the outset. The PPI cover was generally limited to the first five years of the borrowing, despite the loan term consistently being much more than that. Try and repay the borrowing early and the bad news just kept coming, with a 6 months redemption penalty being the norm.

If repaid in full within the first five years, PPI rebates were also often a mere fraction of the premium paid, simply due to the massive commissions payable and split between the broker and the loan carrier. In fact as much as an astonishing 90%.

Claiming for mis-sold PPI on secured loans can be tricky and it’s absolutely vital in our opinion, that before you start, you recover ALL your paperwork from the lender where ever possible. The sales process was often much much complex than a simple personal loan and with the premiums, charges and interest rates, potentially any claims for mis-sold PPI could be substantial. That’s why at Beat the Banks, we don’t take chances. Unlike the rest, we are not happy to settle with the merest amount of Account information from the lender or broker. That will tell you nothing about how their sales process was applied.

If you think you might have been mis-sold PPI on a secured loan, you can contact the Beat the Banks team on 01382 200474, or for free on 0800 193 1234.

From Our Clients

“Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”
Shona, Dundee
“From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”
Mr A McQuillian
“Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”
T & A, Dundee
“I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”
Mrs S, Falkirk
“Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”
Mrs M, Elgin
“We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”
Dave & Linda , Dundee
“Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”
Mr S, Dingwall
“We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”
Mr & Mrs M, Shetland
“From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”
Mrs C, Glasgow