Unsecured loan PPI
This type of PPI policy was offered via Northern Rock with any unsecured personal loan until 18 March 2008. These policies were optional, and were designed to cover the customer's loan repayments in the event of a successful claim for a number of eventualities, depending on the policy including accident, sickness or unemployment, to help them cope during difficult times.
In line with FCA regulations, NRAM recently reviewed the sales process for all PPI policies sold with unsecured loans through the telephone, branch and internet channels within Northern Rock between 14 January 2005 and 18 March 2008..
During this period there is evidence that some mis-selling of PPI policies may have taken place, so any customer who purchased PPI during this time period could be due compensation if their policy is found to have been mis-sold. Depending on individual circumstances, affected customers may be entitled to a refund of the premium they paid plus an interest payment of 8% to reflect the return they could have generated if this money had been invested in another way.
We have proactively contacted all customers who were sold PPI with their unsecured loan from January 2005 onwards with the aim of reviewing their case and paying redress where necessary.
If the sale of your PPI policy has already been reviewed, is in the process of being reviewed, or you would like more information to help you understand the review process, please click here for a list of frequently asked questions.
If the sale of your PPI policy has not yet been reviewed and you wish to make a complaint about the sale of your PPI Policy please click here for a list of frequently asked questions.
If you cannot find the information you require, please contact us directly.