PPI, or Payment Protection Insurance to give it its full name, has become a controversial subject lately, with an increase in mis sold PPI claims being noted across the industry. There are many reasons for this, not least the evidence of mis-selling of policies uncovered by the recent Financial Services Authority (FSA) investigation. As a result, the proposed revisions to the way PPI will be sold look to make the loan insurance market a much safer and more competitive place for the consumer.
However, the changes won’t affect those who have already been paying unfair PPI payments and you may be unaware you have PPI claims or indeed a PPI policy. If you have taken out a loan or mortgage you may well have been sold an insurance policy to cover you in the event that you can no longer keep up the repayments. This cover is known as PPI and if you weren’t offered it at the point of borrrowing, it’s worth checking your statements as some lenders simply included the policy without telling consumers or explaining the terms and conditions fully. To find out if you have an eligible PPI claim or to get one started simply fill out the quick form above or give one of our team a call today on 0800 840 72 92.
Mis Sold PPI
In other cases of PPI mis-selling, consumers where told that they were obliged to take the PPI policy offered by the lender or even that they wouldn’t agree to the loan without PPI being included. These ‘terms’ where false in many cases and many lenders have been found guilty of such practices meaning that you could have a solid base upon which to make a claim to get PPI compensation.
When sold correctly, PPI is actually a useful product that can help you out of a sticky situation, the problem is, it hasn’t always been sold correctly. Some individuals were sold policies promising them cover in situations that they later found they were not covered for. If this applies to you, again you have a good basis for making a PPI reclaim.
The revisions to the market have made it illegal to sell PPI to the borrower at the time the loan is taken out. This allows you 7-14 days to shop around for the best possible deal and also stops the practice of coercing people to go for the loan providers potentially uncompetitive offerings.
It pays to look back through all of your loans, mortgages and credit cards to search for the inclusion of Payment Protection Insurance. The average PPI compensation claim in the UK is worth just over £3000 and if you want the help of an experienced team to get your money back, we’re just a phone call away.
Remember: if you think you have been mis sold PPI you are well within your rights to make a claim to get your money back. Lenders and policy providers have already paid out hundreds of thousands in PPI compensation and you could be next. To get your claim started, simply fill out the 2 minute form above or give us a call on 0800 840 72 92 and speak to one of the team about getting your money back.
Recommended Reading:
Claiming PPI
Reclaim PPI
Mis-Sold PPI
PPI Compensation
PPI Mis-Selling
PPI Information
PPI
PPI Charges
PPI Claims
Unfair PPI
PPI Claim
PPI Guide
PPI Refund
PPI Reclaim
Reclaiming PPI