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.