PPI Horror Stories Debt Dr Tells All
So here you go. A nurse borrows £75,000 on a secured loan from First Plus !!! There is the first warning shot, a £75,000 secured loan to a nurse, now we love our nurses at ams just the same as the rest of the Great British and Northern Irish public but last time we looked our nurses earn a decent salary but one sufficient enough to borrow £75,000 secured, maybe so but let’s continue. We like to dig at ams, the home of the debt doctor and the ppiguy.
Claims Management From AMS
Added to the loan then is £14,947.50 of optional payment protection, bringing the total to £89947.50 . When the lady was asked why she signed she said that she thought the £89947.50 was including interest, easy mistake to make when you see the paperwork. Hidden away nicely !
Now the killer parts as the plot continues. Added to the £14,947.50 of insurance which is 16.6% of the amount of the advance; when the industry recommendations are that it should never be more than 4.5% of the advance is INTEREST at an APR of 7.7% – that’s interest of 7.7% added to £14,947.50…..but for how long the ams debt doctor team hear you ask ??
240 months – yes 240 months ! Thats 20 years , but at least the lady is covered for 20 years………o’h sorry that’s the bit we forgot to tell you, the cover lasts for the first 5 years only. It’s front loaded – why because with insurance the risk is greater at the start !!!!!!!!!!!!!! Absolute rubbish, risk increases overtime as people get older we think.
OK well 5 years of cover not too bad ! O’h no its not. The maximum time that you can receive a benefit over is 12 months – yes just one year !
Now being a nurse we are pretty sure that she would receive sick pay from her employer – the NHS, and yes she did for a full 6 months so the policy would be nullified if she had tried to make a claim !
Sorry forgot to tell you, the policy was in joint names and the second signatory on the policy does not count !!!!
So there you have it , PPI sold to someone who could not claim, for 20 years at 16.6% of the advance with interest on top – there was a happy ending as this couple got back the FULL claim because that is what we go for:
- All the premiums
- All the interest charged on those premiums
- Interest at a flat 8% added on top of the claim for good measure to cover the money the claimant would have had if they had not been sold totally wrongly in the first place.
If you want us at ams to act on your behalf to look into any PPI (Payment Protection Insurance) on any loans (12 years) or credit cards (6 years) then call any member of our team on 0800 612 2472.
Also if you need replacement ASU (Accident Sickness Unemployment) cover but sold exactly to match your needs at the right premium and not inflated by 900% then please contact our financial services division at Assured Mortgage Solutions.
In the words of Nick Ross – don’t have nightmares – but do claim what is yours, Nic Eatch on behalf of the AMS Debt Dr team.
PS If you have debt issues , mis-sold payment protection insurance could be one of the causes. Getting back compensation is a way of reducing your overall debt, don’t delay call today.
Tags: accident sickness unemployment, ams, asu, compensation, debt doctor, debt issues, nic eatch, payment protection insurance, ppi, ppiguy, secured loan
