Reclaiming PPI
PPI is a buzzword in financial news stories these days, but what is it all about, and how do you find out if reclaiming PPI costs is a real possibility in your case?
Payment protection insurance – to give PPI its full title – is a type of insurance that is surprisingly common. It is also very unobtrusive, as most people who pay into such a policy will never have a need to draw upon it. This is because PPI – like many insurance policies – only comes into play when certain circumstances arise. The policy itself is designed to cover the cost of outstanding loan, credit card or mortgage payments when the policy holder finds they are unable to pay, but only in specific circumstances.
Some PPI policies cover those who are made redundant, while others cover people who lose their jobs through accident, or illness. Some cover both, and the frenzy of reclaiming PPI has come about on the one hand thanks to the complex nature of the policies themselves, and on the other thanks to some unscrupulous dealings by persons within the industry. To find out more about reclaiming PPI, simply fill out the 2 minute form or call us on 0800 840 72 91 and speak to a member of our team.
A few years ago a number of PPI claims and complaints from consumers claiming they had been sold PPI policies in a manner that amounted to malpractice were investigated by the Financial Services Authority. This led to a major in depth investigation of the whole industry which uncovered widespread instances of mis-selling.
It became clear that many lenders were insisting borrowers agreed to expensive branded PPI deals that came from their own institutions before they would grant the loan, a practice that has always been suspect but has now been outlawed entirely. It has always been the right of the consumer to shop around for an insurance policy, yet this right was not being given to the borrower. Many who were subject to this practice are at the centre of the current group of consumers reclaiming PPI, and many more will come forward in time.
The investigation also found that some people had been sold policies that simply did not apply to them – people with already existent illnesses and even some who had already retired – and that there were numerous cases of policies being incorporated into loans without the consumer being aware. All of these practices were prohibited in the subsequent re-writing on the rules and regulations that came about as a result of the investigation.
If you are thinking about reclaiming PPI costs then you need to gather all the information you have together, and to seek the advice of a professional. It is your right to seek a refund if you believe you have been mis-sold a policy, and as there are certain routines that need to be undertaken it is important you have the services of someone with knowledge of the process. To start reclaiming PPI payments 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.
