You could be owe thousands of pounds because of a mis-sold PPI policy. The latest in PPI news is that billions of pounds have already been claimed by people just like you.
People took out PPI when they took out a credit card or a loan from a bank. This was sold to them by the bank and would have seemed to be in their interests at the time.
The bank might have told you that the insurance would help you out if you ever became ill and were unable to make your repayments, or if you unexpectedly lost your job and were unable to make your payments.
What they might not have told you, was that you were making the payments when you would never be able to make a claim. If you took out the policy when you were unemployed or had a long-standing medical condition, you were paying for a service that would never help you.
If you were told that the PPI was a part of the credit agreement and you have no option but to take out the insurance, then you were tricked into buying PPI and it was mis-sold to you.
You might not have been told about the policy at all. You would have got your monthly statement through and seen that you had been charged for this PPI thing. If you were not even told about the policy, then you were mis-sold PPI.
There are a lot of cases of PPI in the news because the policy was sold to millions of people who were not eligible to make a claim or who did not want the policy. This mis-selling has backfired on the banks and they are now having to repay customers.
If you were mis-sold PPI, you should check your monthly statements and see how much you could claim back from the banks today. The entire process is quick, simple and easy to complete online.
The acronym PPI stands for Payment Protection Insurance. Ideally, this kind of insurance is sold to only those who qualify for the same when they are taking out a mortgage loan or purchasing a credit card. This insurance policy is supposed to be the back-up or standby help in case the owner of the loan fails to make his/her monthly payments on time because of accident, redundancy or other problems. Unfortunately, things do not happen the way they are intended to be and this is why there are so many cases of missold PPI policy in the UK.
In case you weren’t employed at the time of applying for the insurance then you have been tricked and the policy has been missold to you. Also, if you haven’t been explained about the details of the policy properly then it means that you were missold PPI. Irrespective of the circumstances under which the policy was missold to you, you definitely have complete right to claim for a refund. Most people in the UK are generally skeptical about the chances of their success and hence they stay away from the process of claiming refund. This is definitely wrong, in case you have a missold policy lying with you, then it is definitely advisable to claim your money back, after all, it is your hard earned money in the first place!
To make claims for your missold PPI policy yourself you need to contact the lender from whom you’ve purchased your credit card or taken out a mortgage loan. It is best to have all communication in written because these can serve as a proof in case you need to take the matter to the Financial Ombudsman Service, the chances of which are very high because the bank or the financial institution that had missold the policy to you wouldn’t give you an acceptable response on your first try. Therefore, you will have to take things to a higher level and seek the help of the Financial Ombudsman Service. There is also the alternative of hiring the claims services offered by claims management companies in the UK.