Rover Finance and PPI Claims

Rover Finance, like many financial institutions in the UK, offered Payment Protection Insurance (PPI) alongside their loan products. PPI was designed to cover loan repayments if the borrower became unable to work due to illness or unemployment. However, it was widely mis-sold, leading to a significant wave of claims against lenders, including those who had taken out loans through Rover Finance.

The mis-selling of PPI involved several unfair practices. Often, borrowers were unaware they were even being sold PPI. It was added to their loans without their explicit consent or understanding. Sales staff were incentivized to add PPI to loans, leading to pressure tactics and a lack of transparency about the policy’s cost and coverage. Furthermore, the PPI policy was frequently unsuitable for the borrower’s circumstances. For example, self-employed individuals were sometimes sold PPI that offered little or no actual protection, given their employment status.

Many individuals who took out loans from Rover Finance may have grounds to claim back PPI. Common reasons for mis-selling claims include:

• Being unaware that PPI was added to the loan.
• Being told that taking out PPI was compulsory to get the loan.
• Being advised to take out PPI, even though they already had adequate cover.
• Being self-employed, retired, or having pre-existing medical conditions that would have made the PPI policy ineffective.
• Not being informed about exclusions or limitations within the policy.

While the official deadline for submitting PPI claims through the Financial Ombudsman Service (FOS) has passed (August 29, 2019), there are still potential avenues for pursuing a claim in certain circumstances. If you believe you were mis-sold PPI by Rover Finance, you should gather any loan documentation you have, including loan agreements, statements, and any correspondence related to PPI. Even if you don’t have all the paperwork, you might still be able to make a claim based on your memory and other available information.

If you believe you have a valid claim, you could explore legal options. Consult with a solicitor or a claims management company specializing in financial mis-selling. They can assess your case and advise on the best course of action, which might involve pursuing a claim through the courts, depending on the specific circumstances and whether there are grounds to argue that the deadline should not apply to your particular situation. Though the main wave of PPI claims has concluded, it is still worthwhile to investigate if you believe you were a victim of mis-selling and took out a loan with Rover Finance.