Frazer Coogans Solicitors Offer Mis-Sold PPI Policy Compensation Claim Service
Submitted by: Fame Publicity Services
2008-12-22 00:04:32
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.
Ayrshire, Scotland (OPENPRESS) December 22, 2008 -- 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 solicitor 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 borrowers 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."
"In relation to loans an average refund could be in the region of £1,000 - £2,000 and with credit cards around £500."
The Government's Competition Commission recently announced plans to end the hard-sell of expensive Payment Protection Insurance (PPI) alongside loans, credit cards and mortgages.
PPI is supposed to be a safety net in case borrowers suddenly lose their income through unemployment or ill-health.
The Competition Commission wants the way Payment Protection Insurance is sold to be revised, as it has become notorious for high costs, widespread mis-selling and the failure of banks and insurance companies to pay out when claims are made. The Commission have already issued substantial fines against several major companies (see below).
Sales of PPI are a money-spinner for banks and insurance companies. There are more than 13million policies currently in existence - generating an annual premium income of around £5.5billion.
However, the Commission believes that these premiums are too high and the industry is earning excess profits of £1.4billion a year.
In future, banks will be banned from selling PPI policies alongside new loans and credit cards - cutting off a hugely lucrative flow of cash.
Instead, they will have to wait at least 14 days after a loan has been sold to offer PPI - allowing customers to shop around.
Companies Already Fined by the Competition Commission
for mis-selling PPI policies
Alliance & Leicester
Parks of Hamilton
Egg
Land of Leather
GE Capital Bank Ltd
Capital One
Loans.co.uk
HFC Bank
Regency Mortgage Corporation
Redcats
Downloadable image of Stuart Paterson available at:
http://www.ayrshirescotlandbusinessnews.com/2008/12/frazer-coogans-solicitors-offer-mis.html
ABOUT FRAZER COOGANS SOLICITORS
Ayrshire solicitors Frazer Coogans have expanded rapidly from small beginnings in the 1980s to offer a friendly and personal service to all clients from their modern premises in Ayr town centre. From their Ayr base, partners Norman Geddes, Austin Thomson and Lauren Fowler - all experienced solicitors - along with their professional and dedicated staff, provide a comprehensive suite of legal services to Ayr, Ayrshire, Scotland and the UK, with particular expertise in accident claims, personal injury damages, property conveyancing, divorce and family law, wills, estates and executries.
Frazer Coogans' Ayr office operates a specialist Accident Claims & Personal Injury Damages Centre to assist clients in making claims for personal injury damages after road traffic, workplace, slip and trip accidents and also in criminal injuries compensation. This Ayrshire firm of solicitors has also established a significant presence in Scotland's property conveyancing market, advising clients on all aspects of buying, selling and leasing premises both domestic and commercial, and handling property conveyancing for diverse clients across Scotland.
Scottish divorce and family law is another area in which Frazer Coogans solicitors possess particular expertise, advising on the legal, financial and child related issues associated with divorce, providing negotiation for amicable settlement and undertaking litigation where needed. Frazer Coogans solicitors also offer a professional, dedicated and sympathetic service for wills and estates in the UK, including the administration of estates and appointing executors.
In 2003 Frazer Coogans successfully attained the "Investors in People" standard.
The firm is fully computerised with Broadband connection. It occupies modern premises in the centre of Ayr with adjacent parking for clients and wheelchair-friendly access.
THE ELITE AYRSHIRE BUSINESS CIRCLE
The firm of Frazer Coogans Solicitors is a founder member of the Elite Ayrshire Business Circle.
The Elite Ayrshire Business Circle is an association formed last year of some of the top companies in Ayrshire.
Its purpose is to publicise its members, and to celebrate and promote the rich diversity of industry, commerce and business services available within the county boundaries of Ayrshire.
Members include the Clydesdale Bank, Ayr Racecourse and the Western House Hotel, and member company activities include building and construction, architectural practice, estate agency and land management, chartered accountancy, insurance broking, legal services, golf club management, marketing services and brand creation, web design and public relations consultancy.
For further information about The Elite Ayrshire Business Circle and to apply for membership, e-mail eliteayrshire@gmail.com
Website: http://www.eliteayrshire.com
Founder members of the Elite Ayrshire Business Circle:
Clydesdale Bank http://www.cbonline.co.uk
Ayr Racecourse http://www.ayr-racecourse.co.uk
Western House Hotel http://www.ayr-racecourse.co.uk/hotel.html
CKD Galbraith Property Consultants http://www.ckdgalbraith.co.uk
Frazer Coogans Solicitors http://www.frazercoogans.co.uk
Accident & Injury Claims Centre http://www.accidentclaims.com
MacKay Corporate Insurance Brokers http://www.mackaycorporate-brokers.com
Donald Ross Estate Agents: http://www.donaldross.co.uk
William Skinner & Son Building Contractors http://www.williamskinner.co.uk
Sinclair Scott Chartered Accountants http://www.sinclairscott.com
Paligap Creative Agency http://www.paligap.com
ARP Lorimer & Associates Architects http://www.arpl.co.uk
Brunston Castle Golf Club http://www.brunstoncastle.co.uk
Visimetrics http://www.visimetrics.com
Fouters Restaurant http://www.fouters.co.uk
Christie Financial Planning Ltd http://www.christiefp.com
Allison Lightbody Waddell Chartered Surveyors http://www.alwsurveyors.com
Kestrel Press http://www.kestrelpress.com
Fame Publicity Services Public Relations Consultancy http://www.famepublicity.co.uk
Easton Property
Easton Kitchens & Bathrooms
Press Keywords: Frazer Coogans Solicitors, Payment Protection Insurance, PPI, Stuart Paterson, Norman Geddes, Ayrshire, Scotland, Elite Ayrshire Business Circle
