PPI Reclaim
Sometimes it pays to be vigilant, and when it comes to finances many people have been entering into the process of making a PPI reclaim having discovered that they were perhaps not vigilant enough when they took out a loan. The financial industry has been the subject of a major investigation into the area of payment protection insurance – PPI for short – in recent years after many complaints were received regarding the mis-selling of such policies, but how do you know if you are one of those who are entitled to claim?
Understanding the situation helps, so here’s a bit of background: PPI is insurance that covers your loans, mortgages or credit cards should you become unable to work. The circumstances which the policy comes into play can be varied and specific – some apply in the case of redundancy, others when loss of work is down to illness or accident, and the period over which they pay out can also vary greatly. To find out more about making a PPI reclaim, simply fill out the 2 minute form or call us on 0800 840 72 91 and speak to a member of our team.
Confusion reigned in the PPI industry when some people PPI claims after they found they had been sold policies that did not pay out when they expected them to. The terms of the policy had not been sufficiently explained in many cases, and in others the policy holder was simply unaware they had such a policy. Some customers reported that they had been led to believe the loan they were applying for would only be granted if they took out a particular PPI policy – one offered by the lender – while in fact they have always had the right to shop around.
In general, you can make a PPI reclaim if you have been victim to the following: you have been sold a policy that does not apply where you thought it would, or you were coerced into buying a branded policy under the impression that this is what you had to do. You may also claim if you found you had a policy included within a loan that you were not aware was part of the deal, and there are also many other examples of instances in which such claims have been successful.
As a result of the investigation and the findings of such the regulations regarding the selling of PPI policies have been re-written, to the extent that a lender cannot now sell you a policy at the point of sale; instead, you have a seven day period to shop around before anyone can sell you a policy. This is entirely for the benefit of the consumer, and if you think that you may be entitled to make a PPI reclaim you should seek the advice of a professional who can help. To start your PPI reclaim today, simply fill out the quick and easy form or give us a call on FreePhone 0800 840 72 91 and speak to one of our friendly advisors.
