Financial Mis-selling

What is Financial Mis-selling?

Financial mis-selling is when you have been sold a product or service such as a mortgage or pension that wasn’t suitable for you.

You may not have been given the information you needed to make an informed decision or the risks of that product or service may not have been properly explained.

This is financial mis-selling and you have a right to claim against these underhanded tactics.

Call us on 0151 306 3694
or click the button below to
start your claim today

Payment Protection Insurance (PPI)

You can still claim for PPI (Payment Protection Insurance) but you only have until 29th August 2019 to make your claim: time is running out.

Here, we tell you what you need to know and how we can claim for you:

  1. If you took out a loan or credit card from a bank or building society and you had PPI then YOU WERE MIS-SOLD IT under ‘Plevin’. This means if over 50% of your PPI cost went to commission, and this was not explained to you, you are due back the extra. But your PPI should have been active during or after 2008. If you have already successfully claimed PPI then you cannot claim under Plevin. Even if you benefited from PPI you can still claim under Plevin.
  2. If you have thrown the paperwork away do not panic, you can still claim. We can ask the lender on your behalf using your name(s), date of birth and all addresses.
  3. There is no limit on how far back you can claim for PPI, however, if its older than six years it will be difficult to claim if you don’t have any paperwork as lenders do not have to keep any records older than six years.
  4. If the lender has gone bust or been taken over you can still claim from the company who took over or against the Financial Services Compensation Scheme which insures the liabilities of finance companies.
  5. If a deceased relative had PPI then the money is owed to their estate and their executor can make a claim on behalf of the estate to be passed on to the beneficiaries.
  6. If you live abroad, this doesn’t matter, you are still entitled to make a claim.
Phoenix Solicitors Wirral - Financial Mis-selling - PPI

IF YOU THINK YOU MAY HAVE HAD PPI AND HAVE NOT QUERIED IT, OR HAVE BEEN TOLD IT WAS NOT MISS-SOLD TO YOU THEN CONTACT US AND WE WILL PURSUE THE CLAIM FOR YOU.

UNLIKE OTHER COMPANIES WE DO NOT TAKE 33%-40% OF THE COMPENSATION PAID TO YOU, WE LIMIT OUR FEES TO 25% OF THE COMPENSATION PAID TO YOU.

Mis-sold Mortgages

Mis-sold mortgages are now considered as the next big scandal to hit the financial world. People being sold services without being advised of exactly what they are getting and being potentially left in financially difficult situation. This is due to brokers selling products to people purely based on the high commission they received.

Here are some examples of mis-sold mortgages:

1. Endowment Polices

You may have been informed to take out an investment to pay off your mortgage when it finished but later discovered it would not be enough. The following are grounds for mis-selling:

• The endowment policy was not suitable for your needs/circumstances. An example is if you were single with no dependants and had no requirement for life cover to be provided with the policy.
• Other options not discussed, such as a repayment mortgage.
• Guaranteed endowment policy – the adviser told you the endowment policy was guaranteed or would definitely pay off the mortgage and it was not explained that the amount you would get back would depend on the performance of the policy. You were never told there may be a shortfall at the end of the mortgage.

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or click the button below to
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  • Your adviser did not explain how your endowment would be invested or the risks involved, and did not ask if you were comfortable with these risks.
  • The adviser did not explain to you the fees and charges and how they would reflect your returns on the policy.
  • The adviser told you to cash in an existing endowment and then sold you another one to replace it.
  • You were not informed that you may have payments into retirement and the adviser did not check if this would still be affordable.
Phoenix Legal Solicitors - Financial Mis-selling

2. Interest Only Mortgages

• Your advisor should have informed you that you would have to repay the mortgage when it finished and discussed how you would do this and if it was affordable.
• Your advisor should have informed you that you could move your mortgage to a repayment mortgage instead of hoping that house prices would rise.
• If your advisor failed to discuss other examples of mortgages then this may be miss-selling.

3. Re-mortgaging to clear your debts

• If you were looking to consolidate your debts and were advised that it would be cheaper for you to put all your loans, credit cards and finance onto your mortgage but it was not explained to you that this converted short term debts into long terms debts and increased the overall amount of interest you would pay.

4. Household budget analysis

• When considering what type of mortgage was best for you did you complete a household budget analysis detailing your income and outgoings?
• Did your advisor work out how much you would have left over at the end of each month?
• If not then, your advisor may have provided you a product you could not afford.

5. Self-Certification mortgages

• These mortgage products paid a far higher commission to the advisors and for this very reason were more popular to brokers and recommended more often.

6. Mortgages running past retirement

• If your mortgage ran past retirement age, were you informed that this would happen and were you asked if you could afford this?

7. High Broker Fees

• Did you pay high fees to the broker to arrange the mortgage?
• Were you made aware of what the fees would be?
• Were the fees added to your mortgage without you knowing, resulting in you paying interest on them every month?

IF ANY OF THE ABOVE APPLY TO YOU / YOUR FAMILY OR FRIENDS THEN CALL US FOR A NO OBLIGATION FREE CONSULTATION ABOUT YOUR CLAIM.

Need to make a claim?

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