If you have had payment protection insurance on either a loan, mortgage or credit card then there is a very high probability that you are entitled to a payment protection insurance refund because the vast majority of these policies were mis – sold to the people they were meant to be helping which effectively made them worthless.
The banks loved to have these policies added on to the loan because not only did they make the money on what was paid for insurance, but also the interest on that in addition to the interest on the loan; little wonder they were so keen to have them added on. And of course the person that sold it to you would get a commission on the sale so they too were keen for you to have it, hence why so many were mis sold.
If you fall into the criteria of any of the following then you should be able to get a payment protection insurance refund:-
- The insurance was added without your consent
- You were told that the insurance was compulsory
- You were self employed or retired
- Your medical history was not checked
So, how can you go about getting a payment protection insurance refund? Well there are two ways. The first is to write to the company that sold you the policy and state your case as to why you think you were mis sold it. They will of course dispute it and when they do write to them again restating your case. If that does not work then get the Financial Ombudsman involved.
The second way to go about it is to get specialist solicitors involved to fight your case for you. This is a preferred option for a lot of people as it means they do not feel as if they are having to take on big corporations by themselves. Also with specialist solicitors they will often get interest back for you as well as a refund. A quick search on the internet will bring you lots of these solicitors through, just make sure you pick a no win no fee one. Cost wise for using one of these will normally be about 25% of whatever you are awarded. RYM Claims based in Saltash charge 25% including VAT which is a better deal than most.
As soon as you establish that you are a holder of mis-sold PPI, you should find a way to get a refund through PPI claims. There are so many reputable PPI claims companies on the web. When making PPI claims, you must have valid reasons that prove that your PPI is mis-sold. There are so many reasons that can make a PPI policy invalid like being given the impression that it is mandatory to have the policy. The process of filing and going through PPI claims can be quite a daunting task and this is why you should consider using the services of experts.
What PPI was meant for?
Anyone who bought their PPI policy over the last decade might be a holder of mis-sold PPI. The definition of PPI or payment protection insurance is premium that is normally paid to cover against failure or inability to repay loans. This might be as a result of a severe accident, unemployment or any other thing that might make it impossible to continue with the repayments of your loan. If this is the case, a reputable claims firm will help you in handling the repayment and ensure that you get your refunds. The PPI claims process is quite involving and rather than leaving your other commitments to follow up on this matter, you would better use these experienced experts.
The financial ombudsman is believed to have paid out about a third of the PPI claims that have been filed so far. The reclamation period may vary depending on the complexity of the case. You cannot receive refunds if you do not have valid proof that the PPI Is mis-sold. If for instance, the PPI provider does not disclose all the necessary information in relation to the policy, then this is a valid reason. According to experts there are so many other reasons that would qualify a PPI as mis-sold policy. There is also the question of how far back can you claim PPI? this in itself is a minefield.
What you need to do
You will need to substantiate the information you provide regarding the mis-sold PPI. This is the only way that any claims expert will be able to facilitate your claims. In the event that you were issued the policy while unemployed, then it also makes it invalid. If you are not so sure if you have a valid PPI policy, you should liaise with professionals in this industry so as to help you. There are so many online PPI claims companies but very few are up to the task. If you have no paperwork to make a ppi claim these guys could help you make a claim.