Payment Protection Insurance (PPI) product normally comes integrated into various financial products such as car loans, home loans, and credit card debts among others. PPI is basically a legal agreement that is structured to pay off a loan in case a borrower is unable due to different reasons such to sicknesses or unemployment.
PPI is very common with lenders who disburse funds to borrowers. However, recently there have been grave concerns with PPI refunds because policyholders find it absolutely difficult to claim any payments. This situation is as a result of lenders who are unable to payback as previously agreed in the contract document. Such an occurrence is referred to as mis-sold PPI refunds.
In such a scenario there are various procedures that need to be followed. To begin with, an individual embarks on the process by ensuring that they have a policy in place. A policy holder is advised to check on the paperwork if the cost of PPI is included in the statements. This PPI can also be indicated as payment cover, account cover, Accident Sickness and unemployment cover (ASU), loan re-payment insurance, credit insurance, or loan protection. In case you are still unsure whether you own a PPI you may proceed and inquire from the financial institution.
The second stage when claiming for PPI refunds is to check if the PPI refund was mis-sold. There are various events that could have led to mis-sold PPI and these include;
• As a client you were pressured into taking out the PPI
• It was not very clear that the PPI was optional
• You were mislead that acquiring a PPI would boost your chances of the loan being approved
• This particular policy was added to your loan without your knowledge
• It was not clear that you would be responsible for the PPI interest if it was not added to your loan
The third step entails making the PPI refunds claim personally. There are various companies that purport to offer to submit claims for mis-sold PPI. These companies generally come disguised with different names such as claims management, claims firms, or claim handlers. However, the entire process of making a claim is free and straightforward that can easily accomplished by ordinary individuals.
You are required to begin by making the claim to the organization that sold you the insurance. It is also advisable to indicate all the various reasons as to why you believe that you have been mis-sold the PPI. In case you have not been provided with a fair refund, you should again write an official letter citing your grievances with a demand that the issue be resolved within 14 days.
In case the above has not been successful. Then proceed and lodge a complaint with the Financial Ombudsman Services.
If you have had PPI (Payment Protection Insurance) that you did not need, on a loan, mortgage, credit card or other credit product, PPI Calculator can get you a refund. Although PPI is sold as a means of keeping up with your credit payments in the event of ill health or unemployment, it is not always an appropriate choice for your circumstances. Your PPI policy may not have been right for you.
Many PPI policies contain exclusions which mean that the policy holder could never claim, even if they became ill or unemployed, rendering the policy useless and the PPI payments an unnecessary additional expense. Some examples of this include the self-employed, casual or agency workers and those with pre-existing medical conditions; PPI Calculator can help you find out if you are likely to have been subject to any of these exclusions.
In the past, some credit providers have not been forthcoming with all of the information necessary to make the right choice about whether to purchase PPI. They may not have informed you of the relevant exclusions, or even have ascertained your employment status at that time. If you were sold PPI when it was not necessary or useful, it is considered to have been mis-sold and you can claim back the money that you should not have paid. PPI can be expensive and some people have successfully reclaimed thousands of pounds, but no matter how great or how small your claim, it’s your money and it is a straightforward process to get it back.
So, if you believe that you have had PPI at any time, it is now easy to check whether it was mis-sold. Remember, if you have paid for PPI that you did not need or want and which you could not use, PPICalculator can get you a refund!
For many years the banks operated a scheme that was designed to make a large profit and with almost no risk. They sold insurance policies to people who they knew would never qualify to make a claim. They were mis-selling these policies, knowing they were easy money makers for the banks.
The PPI scandal has erupted in the last few years and these bank policies have been exposed. Millions of bank customers have started to reclaim the money they paid into insurance programs where they could never claim a penny back.
The huge numbers of bank customers making PPI claims has lead to the process being extremely streamlined and easy to complete. There is no mountain of paperwork and no long arguments to go through. Once you have submitted your evidence, there is normally nothing more you have to do, apart from put a cheque into the bank.
If, in the last ten years, you took out a credit card or a bank loan, you were probably sold PPI. Payment Protection Insurance was meant to help you make your monthly repayments if you suddenly became ill or you became jobless.
Losing a job or becoming ill is bad enough, so you would have been smart to have planned to be financially secure and the insurance policy would have seemed like a wise move.
Unfortunately, PPI was mis-sold in the vast majority of cases and you would never have been able to make a claim. This mis-selling has paved the way for a customers to demand their monthly payments back.
You can start you PPI claims today, by filling in a secure online form. The information is processed to see how much you paid in insurance fees. The bank will have kept records of all of your repayments and will have to repay all of these to you.
Don’t stop to consider making a claim. You have nothing to lose, but thousands of pounds to claim.
Missold ppi claims are getting a lot of press and media attention. You could not have failed to miss the news that billions of pounds are being repaid from the banks back into the customers’ pockets. Billions is a lot of money.
You might have taken out a credit card with a high street bank in the last ten years and be thinking, that you might have agreed to take on Payment Protection Insurance. You might not even know if you had it. In a lot of cases, banks did not tell the customer or told that customer that the PPI was an essential element in the loan agreement and therefore they had to take it.
PPI has been mis-sold to millions of bank customers and it is these same customers who are now reclaiming the billions of pounds that they are owed. If you think you had PPI with a credit card or a loan agreement then you could be on the verge of making your first of many missold PPI claims.
But do you know what you need to know? Do you have all the right information to make your claim? Or do you just know that you did at one time have a credit card with a certain bank?
It does not matter what information you have or do not have. The banks have a legal requirement to keep all their records for years. You could have thrown away your old bank statements and all history of that credit card you had, but the banks can not.
You should calculate your refund and see how much you can claim back from the bank. If you can find an old statement, it will have an itemised amount for PPI or Payment Protection. You have paid this amount every month for the length of your agreement. Enter in your details to the calculator and see how much you could be entitled to claim back.