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How To Claim Back Ppi - Payment Protection Insurance
If you have taken out credit of any kind: mortgage
, secured loan, unsecured loan, credit card etc, there is a good chance that you were sold Payment Protection Insurance (PPI). PPI was designed to ensure that loan repayments could continue if you suffered loss of income through accident, sickness or unemployment.Unfortunately a great many PPI policies were mis-sold. You may even have been sold PPI without your knowledge - check the fine print of your credit agreement or your bank statements for any evidence you might have paid for PPI.
A PPI mis-sale may have occurred if any of the following apply:
- You did not know you had the insurance
- You had other insurance that could have met your needs
- You were unemployed or self-employed
- You were unduly pressured into buying the insurance
- You were led to believe that the insurance was compulsory, or would improve your chances of being granted the loan
- You were sold a 'single premium' policy to protect short-term credit, where the cost of the insurance was added to your loan amount
If you want to claim, this article explains how to get a PPI refund.
The first step in making a PPI complaint is to complain to the company who sold you the policy. This could be a high street bank, or a loan/mortgage lender or broker. Lots of people have used the services of a claims management company with a successful track record of claiming back mis-sold PPI to assist in making the complaint.
The financial institution may make you an offer of compensation for the mis-selling. However, if it makes an offer which you consider inadequate, or rejects your complaint, the matter can be referred to the Financial Ombudsman Service (FOS). The FOS is an independent organisation set up by government to adjudicate on financial services complaints where the complainant and the financial organisation disagree.
On making contact with a PPI claims management company, you can expect to be asked certain questions about your circumstances and your policy, and to be asked to provide any documentation you have to hand. Throughout the process, the claims manager will write all the necessary letters to the organisation and/or the FOS, will liaise as required with these organisations on your behalf and will keep you updated as to the progress of your claim.
Of the PPI complaints handled by the FOS in the 12 months to March 31 2012, 82% were resolved in favour of the complainant. So your complaint has a very high chance of succeeding, and if it does not, you will not have lost out, as claims management companies operate on a no win no fee basis. So you have nothing to lose, and with the average PPI payout reaching almost 3,000, you could gain a great deal.
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