AYR-based Frazer Coogans Solicitors have announced that they can offer a service to clients who may have been wrongly sold Payment Protection Insurance (PPI) policies, and, where appropriate, to institute compensation claims procedures.
Frazer Coogans associate, Stuart Paterson, explains: “It has come to light in recent months that a large number of Payment Protection Insurance (PPI) policies have been mis-sold to unsuspecting consumers over a long period of time.
“These policies are usually associated with personal loans and credit cards, and are often sold to borrowers without their knowledge, or at the very least without them being made fully aware of the details of the policy and whether it is suitable for them.
“We are looking into this area, as, in these times of financial stress, many people could be entitled to recover money which is rightfully theirs from some of the biggest financial institutions in the United Kingdom.”
Mis-selling occurs on the most part either by the selling agent not making specific enquires about the borrower’s personal background (e.g. employment or medical conditions) or by the selling agent not advising the borrower that the policy was optional.
Those with the best chances of success are those who took out their policy within the last six years or those who are either still using their policy or whose policy ended within the last six years. Outwith that timescale, unless they have the original paperwork it will be difficult to succeed.
Stuart Paterson concludes: “Many of the main providers are paying out without too much fuss, both from an economic perspective and because they are aware of the mis-selling and have already been fined for it. It is hoped, therefore, that the whole process can be completed within two months. We offer potential claimants and initial discussion free of charge to enable us to assess whether they have a valid claim.”
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