Tuesday, 16 December 2008

Frazer Coogans Solicitors offer mis-sold PPI policy compensation claim service

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
Land of Leather
GE Capital Bank Ltd
Capital One
HFC Bank
Regency Mortgage Corporation


Frazer Coogans Solicitors
Dalblair House
46 Dalblair Road
Ayr KA7 1UQ
Ayrshire, Scotland

Contact: Norman Geddes, Senior Director
Tel: 01292 280499


Frazer Coogans Solicitors senior director Norman Geddes commented: “We are very proud of Lauren’s achievement in gaining this double accreditation which reflects her dedication to assist her clients in these specialist and most sensitive fields of law.”

Lauren Fowler is a highly respected family solicitor and Court lawyer in Ayrshire. Having been in practice since 1988, she deals with all aspects of Court work, including child and family law, civil and criminal court. Her particular expertise is in child and family law, and she has been appointed a Safeguarder by all three Local Authorities in Ayrshire in relation to child law matters.


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, Norman Geddes 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.

Call 07000 326243 or visit us online at accidentclaims.com

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