What Is PPI?
Payment Protection Insurance or PPI is an insurance to cover payments if you are in an accident, sick or job loss.
It is paid for a year after the accident. If you bought this insurance under misleading pretences, you may be eligible for a refund. Lenders will put you under pressure to purchase this only because it is highly profitable to them. There are two ways you may be able to get a refund. First, if you received your loan on line, check to see if you had purchased it without knowing. Most companies use a pre-ticked box to opt out rather than opting in. The second way is if you received your loan in person and they told you it was required by law. It is not required by law. You need to write a complaint to them. It is possible to claim back all your PPI yourself. Make sure you have a copy of the policy’s terms and conditions. Write to the lender and ask them for a refund. If you do not get any results, contact the Financial Ombudsman Service. They will settle disputes for you and their service is free. Contact them by phone or website.
What Do I Do If I Don’t Know Who My Lender Is?
What can you do about payment protection insurance if you don’t know who your lender is? By following some simple steps it’s possible to determine who your lender is and attempt to reclaim the money you unknowingly spent on payment protection insurance. Look at your statement for your loan. There should be a clear indication on your statement of who your lender is and how you can contact then. Should you not have any bills around then obtaining this information may be more difficult. Have someone like Experian run a credit check. A credit check will reveal all of your previous financial information, including loans. From this information you should be able to determine who your lender is. Of course, if you haven’t paid off all of your loan, you can simply wait for the lender to send you a bill. When asking for the credit check it is imperative that you tell the financial agency you are looking for the name of a previous lender, not just simply a credit score.
How Far Back Can I Claim PPI?
Many people want to know how far back they can claim PPI. The answer to that question is simple. If your policy started in the last 6 years, you will have a good chance in making a claim, even if you no longer have that loan.
I Was Turned Down A Few Years Ago. Can I Complain Again?
In view of the Judicial Review which the banks lost, it is possible to make a new claim and your chances of success are very high. You must complain to the FSO if you don’t get anywhere with your lender.
Do PPI Claims Apply To PPITo Mortgages Too?
A question which comes up with PPI claims, is if they apply to mortgages. Once you have reviewed the PPI checklist, you will see that mortgages are covered under PPI claims, under the mis-sellings listings. Once you determine whether or not your mortgage was mis-sold, you can begin to file your claim if you believe that you were mis-sold. So, yes, once you have determined that you have been mis-sold on your mortgage, you should begin the claims process right away with your lender. The FSA, has stated that although there are fewer concerns when dealing with mortgages being mis-sold to consumers, and many lenders claim it is important to get a policy along with the mortgage. But, the lender is not allowed to say that the policy must be purchased through them, it can be purchased through your choice of policy. Although much less common than other situations, if you feel that you have been mis-sold or misled in your mortgage on your home, filing a claim is a possibility to obtain a refund from the lender. When you have determined that you have been mis-sold, you can start filing the PPI claim right away with your lender, to resolve the issue as quickly as possible.
Why Is PPI Mis-sold So Often?
The bank’s sales person has a quota to make and because of this they might have become very pushy. They are well trained and know how to turn your no in to a yes. They can do that by putting various forms of pressure on you. Did you feel pressure to but the PPI, if so you might have been mis-sold? Basically ppi was mis-sold because of greed and sometimes because of lack of knowledge.
How To Get 1000s Back In mis-sold PPI
PPI, or Payment Protection Insurance, in the last six years has been mis-sold by many large lenders such as Barclays, RBS and Lloyds. These companies were hugely fined and the complaints run into many thousands. If you happen to be one of the people that took out a PPI, you could get 1000s back. There are several steps in reclaiming your PPI. The first is to check out your policy and locate your policy agreement. The second thing to do is to go through an insurance check list to look at all the aspects of how the policy was sold to you, ie were you told it was a requirement of the law. The third step is to write to your lender and request a refund. The fourth step is to write a letter of complaint to the Ombudsman (FSO) if your lender proves difficult.