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Information on Payment Protection Insurance and Reclaims
Exactly what does PPI stand for and what is it
?PPI stands for 'Payment Protection Insurance'; it was developed as a premium insurance policy that can help a debtor pay back specific loans (such as credit cards, home loans and other loans) in the event of loss of work because of illness, injuries or unemployment; the premise in itself would seem like it would be perfect for most of us in these unpredictable financial and employment times. However, many companies mis-sold this to consumers under a false premise.
What does mis sold payment protection insurance mean?
This is a term that was given when loan providers (primarily banks) didn't keep to the guidelines when selling PPI to potential consumers. Numerous consumers had been pushed into purchasing these types of overly priced policies by being told they were mandatory in order to get their loan. Other issues were individuals whom purchased the insurance coverage weren't told of restrictions and they weren't informed of the price which would be added. Typically, the policy premiums would end up being overly priced, after which added to the actual loan. What this means is the banks would be making much more money, as you would be having to pay interest on the PPI as well as the loan.
It has been estimated that more than two million customers were mis sold payment protection insurance. Not only that more recent studies indicate that of clients which filed to reclaim premiums, they are automatically rejected. Many uninformed borrowers do not understand they have further recourse in their PPI claims. This benefits the banking institutions as they do not have to refund 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 is first make sure you have a valid claim. After you have verified this, collect all necessary paperwork, and commence the actual filing process with the bank or lender. Expect to have your initial request refused. Once you obtain the letter denying your claim, you have the option of getting in touch with a firm that specializes in reclaiming money or you can forward your request to Financial Ombudsman Service.
Exactly how far back can I go to file a claim?
If you were mis sold payment protection insurance within the last 6 years, you will be able to file a claim. Anything more than that might be difficult, as it may be hard to get the needed contracts and to also remember every detail of what you were told. Should you be in doubt you can speak to a professional to learn more.
Information on Payment Protection Insurance and Reclaims
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