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Information On Payment Protection Insurance And Reclaims
Exactly what does PPI stand for and exactly what is it
?PPI stands for 'Payment Protection Insurance'; it was created as a premium insurance policy that can assist a borrower pay back specific loans (such as charge cards, mortgages along with other loans) in the event of loss of work due to sickness, injury or unemployment; the actual idea in itself appears like it could be perfect for most people in these volatile financial as well as employment times. However, many companies mis-sold this to consumers under a false premise.
What does mis sold payment protection insurance mean?
This is the term that was given when loan providers (primarily banks) didn't keep to the guidelines when providing PPI to potential consumers. Numerous borrowers had been pressured into acquiring these types of overly priced policies by being told they were required to acquire their loan product. Other problems were individuals whom bought the insurance weren't told of restrictions and they weren't told of the price that would be added. Usually, the policy premiums would be overly priced, and then included with the actual loan. What this means is the banks will be making even more money, as you would be having to pay interest on the PPI as well as the loan.
It has been estimated that over 2 million consumers had been mis sold payment protection insurance. Even worse newer reports say that of clients that filed to reclaim premiums, they are simply automatically turned down. Many uninformed consumers do not realize they have further recourse in their PPI claims. This benefits the financial institutions as they do not have to repay the money for customers whom do not pursue the matter with the FOB.
What else could you do if you were mis sold payment protection insurance?
The most important step will be to first make sure you have a valid claim. Once you have confirmed this, gather all necessary paperwork, and commence the filing process with the bank or lender. Expect to have your preliminary request refused. After you obtain the letter denying your claim, you have the option of getting in touch with a firm that specializes in reclaiming funds or else you may forward your request to Financial Ombudsman Service.
How far back can I go to file a claim?
If you have been mis sold payment protection insurance in the last six years, it is possible to file a claim. Anything more than that might be hard, as it could be hard to get the proper documents and to also remember every detail of what you were told. Should you be uncertain you can always make contact with a professional to find out more.
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