If you have had a Warrior Loan, then there is a reasonable chance that Payment Protection Insurance (PPI) was applied to this. It is quite disappointing that a specific loan product for the Armed Services would have PPI applied, bearing in mind that the main purpose of PPI is to arrange for cover, should the individual have lost his gainful employment through no fault of his own (and namely by way of redundancy or ill health).
However, due to the way that the PPI policy is structured, and the payments made (i.e. any helping refund would only apply after unemployment for a period of approximately 3 months, and the cover in total would not last any longer than 12 months), the type of employment must be looked at when offering the PPI to the client in the first place to see if it is appropriate at all.
With regard to those members of the public who are serving in the Armed Forces, it is almost completely because the benefits of the Armed Forces salary package cover the majority, if not all servicemen, should there be any form of redundancy or loss of employment for a period. Usually this is 6 months on full-pay and 6 months on half-pay. Therefore the PPI would not kick in, and the majority of the PPI Premium paid would be irrelevant.
The Payment Protection Insurance scandal has cost the British Banking and Finance Industry approximately £25billion over the last few years. The Financial Conduct Authority (FCA) has recently decided that the PPI scandal should be wound down. Whilst they have not yet set a specific date, they have suggested that any claims raised after spring 2018 are not to go forward. Therefore, if you have had any form of borrowing products in the last 10, 20 or even 30 years which are still in operation or, have in fact now been closed; or whether you have any specific paperwork or details or not; or whether you have knowledge of PPI being applied to the facility or not, then it is vital that all of these borrowing facilities are reviewed with a view to firstly ascertaining if PPI was applied, and then if PPI was applied, look at obtaining a refund.
We have been working in the Banking Dispute and Claims Industry now, since the latter part of the 1990s. We have a wealth of experience in dealing with all forms of complaints that clients have against Lending institutions. We have been dealing with considerable numbers of PPI claims, and we do so on a purely “No Win No Fee” basis. Therefore, if you do not know if PPI was applied, or you do not have any paperwork or any specific details on facilities, whether open or closed, we can certainly look for you. All we will need is the Lender’s name. If there is no PPI, or we are unable to locate specific facilities – then there are no fees to pay. Our fee is only triggered if we obtain a refund for you. In that case, our fee is 20% plus VAT on any refund that is made. With the time limit now being set in place, it is vital that you check – as refunds can be quite considerable.