Claim Back My Ppi Payments?
If you have taken out a mortgage, loan or credit
, it is likely that your lender sold you payment protection insurance. PPI is designed to help customers repay debt should they find themselves in difficult circumstances such as becoming unemployed or getting injured, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold. If you have paid for PPI, whether you tried to use it or not, you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payoutsMany people do not realise that because of their personal circumstances, they were never eligible for PPI. People over the age of 65, the age of retirement, would never be entitled to claim PPI as they are likely not in full time employment. Anyone who is self employed is technically considered a financial risk and no PPI policy would offer to cover their ability to make repayments. Anyone with a historical medical condition is unlikely to be able to get PPI cover as they are more likely to be forced off work. Despite this, banks are more than happy to sell PPI to everyone knowing full well it will never cover them if needed.
Banks and lenders have allowed this situation to continue with full knowledge of the consequences, this is something that has brought great negative attention from financial watchdogs. The government is forcing many of the UKs high street lenders to offer refunds to their customers although some have adopted a 'don't ask - don't get' policy meaning the consumer has to go on the hunt for their money either alone or with legal assistance.
To claim back your PPI you first need to send your bank a letter requesting a full refund. The bank will reply with a long winded 'no' to which you will need to duplicate the letter in addition declaring your intent to pursue legal action and support from the financial ombudsman. They will most likely respond with a variety of answers ultimately dismissing your claim, albeit wrongfully, due to your lack of authority. The key is persistence and it well significantly help your chances if you do get the ombudsman involved. Ultimately if all else fails, enlist professional help.
The simplest method of claiming back your PPI is to use a legal agency as they will be skilled and experienced. This will be much less effort for you and much more effective than pursuing the matter yourself, most likely resulting in success. Many solicitors are no win no fee so there is no disadvantage to using them.
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