Tips And Advice On Reclaiming Your Payment Protection Insurance
Ive heard about claiming payment protection insurance but what is it
?Payment protection insurance or PPI has received a lot of press since 2011. Although not inherently bad, it was mis-sold systematically by leading high street banks, credit card companies, loan agencies and other lenders for decades.
Sometimes lenders give it different names such as:
Accident sickness and unemployment insurance (ASU)
Credit insurance
Credit protection insurance
Loan protection insurance
These are all forms of payment protection insurance, and all have been mis-sold in the past.
The insurance is designed to protect loan repayments should the lenders circumstances change through unemployment or sickness. The word mis-sold means it was sold without the knowledge of the buyer, without the understanding of the buyer, or to those who could have benefited from its cover.
For example, you may have:
Been unemployed or self-employed at the time of sale.
Seen the cover on your bills but not been asked whether you wanted it in the first place.
Not had the cover explained to you at point of sale.
Been told it would increase the chances of a loan being approved.
Been told it was compulsory.
Not been given time to shop around.
These circumstances meant the person paying for the insurance was less likely to benefit from its cover. Therefore in 2011, each of these selling techniques was rendered unethical, and lenders were ordered to repay billions of pounds to the public.
This happened on such a huge scale that if you took out a loan, mortgage, credit card, store card or overdraft prior to October 2011, you are highly likely to be entitled to reclaim your payment protection insurance, perhaps even with interest and compensation.
How do PPI claims work?
You can claim back PPI whether you are still making repayments or whether the loan has been paid off , although claiming is easier if the account was active less than 6 years prior to the claim. Active usually means the overdraft was still open or you were still making repayments.
If you think you may have been mis-sold PPI to reclaim your payment protection insurance, simply contact a claims management company. Because the mis-selling of PPI happened on a systematic basis you wont need proof of what was or wasnt said during the point of sale.
Their PPI claims experts will look over your documentation and tell you in minutes whether they think youre entitled to make a claim. It helps if you have your loan paperwork, but copies can be obtained by your claims handler. The advantage of using a claims management company is youll simply hand over your loan details and let them do all of the hard work - simply sit back and wait for your cheque to arrive!
No win, no fee agencies often offer a no obligation assessment so you have nothing to lose, and PPI claims average at thousands of pounds each. Dont let the banks keep your money - reclaim your payment protection insurance today.
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