Payment Protection Insurance Refunds - PPI Claims
Average amount refunded for each PPI claim : £2,200.00
If you have borrowed money, for instance by using a credit card, taking out a loan or a mortgage, you may well have been sold Payment Protection Insurance (PPI) and could be due a refund.
PPI is a form of insurance sold alongside financial products. It is designed to assist you to pay your financial commitments if you become unable to work through illness, an accident or unemployment due to no fault of your own. PPI is also known as; personal loan protection, credit card payment protection, mortgage payment protection or accident, sickness and unemployment protection.
The cost of PPI is added to your loan amount and repaid over the duration of the loan. As it is included in the loan amount you also accrue interest on the PPI cost, which makes it an expensive way of having this type of cover. It also makes it very difficult for the consumer to be aware of exactly how much they are paying for this cover.
Typically PPI is sold alongside financial products such as; credit cards, mortgages, store cards, catalogue accounts, and personal loans such as car loans.
Mis-selling of PPI
There are many ways in which PPI has been mis-sold. Some of the most common are detailed below;
- PPI was mis-sold to people who had existing medical conditions. Some examples of existing medical conditions are back problems, or stress problems, although there are many more.
- PPI was mis-sold to people who did not meet the basic criteria to receive PPI cover. For instance, temporary and contract workers, part time workers (less than 16 hours per week), those people who were aware that they were going to be made unemployed and people under the age of 18 or over the age of 65.
- Many people were not told that they were buying PPI. Instead it was just bundled into their contract and loan repayments when they took out their loan.
- On many occasions people were forced to take out PPI by a salesperson telling them that they would not get the credit they were seeking without taking out a PPI policy.
- Many consumers already had existing policies which would have covered their payments, however they were not informed of this by the salesperson.
- Salespersons did not notify consumers that they could potentially buy the same PPI policy elsewhere for less money, instead the PPI they were selling was offered as the only choice.
Who Can Reclaim Mis-sold PPI
It does not matter what financial product you took out, it is the mis-selling of the PPI which leads to a claim. You can reclaim the premiums you have paid for PPI even if you have now repaid the loan in full.
Even if you are not sure whether PPI was included in your loan it is worth making a claim, as PPI was bundled into many loans without the consumer being aware of this.
As long as you had PPI included in your loan repayments you stand a good chance of reclaiming your PPI payments.
If you think that you may have been mis-sold PPI, for whatever reason, it is worth making a claim today. You could be awarded for the premiums you have paid often amounting to thousands of pounds.
