PPI Claims: How to Claim Back Payment Protection Insurance
Payment Protection Insurance or PPI for short is a way for people to protect their outstanding loan or debt repayments in case of unfortunate circumstances where the loan payments cannot be made. Such instances include being made redundant or having to stop working because of ill health. Many PPI policies were mis-sold, in some cases people did not even know they were paying for Payment Protection Insurance and in recent years there is literally thousands of people who have right to claim back money owing to them because of negligent practices from banks, building societies, credit card companies, finance businesses and any other type of loan company that mis-sold PPI.
Whilst the banks and loan companies have tried in vain to delay PPI claims in the courts, now is the time to find out whether you can claim for misold Payment Protection Insurance. Below you can read up on the best way to claim money back for a PPI that you did not want or need.
How to Find Out if I Have a Mis-sold PPI?
Fortunately through UK government legislation (link), individuals can now claim back thousands of pounds and the first step to take for people who are wondering if they are eligible for a PPI claim is to check the loan or mortgage repayment policy or statement.
Company terminology of PPI will differ so if your repayment policy statement does not list PPI it may well be named something different such as loan protection cover, ASU which stands for accident sickness and unemployment insurance or re-payment policy cover. If you cannot find out whether you were sold PPI by looking at your paperwork then it is best to email or telephone the company that sold you your loan or mortgage.
To check for the latest news regarding PPI then bookmark the BBC PPI financial page that has the latest news including which banks are still paying out.
Was I Mis-Sold Payment Protection Insurance?
The very fact that so many people did not even know that they were paying a PPI is just reason for claiming money back for mis-sold PPI. UK law makes it simple for people to find out whether they can claim and other reasons include:
- Being pressured by the loan company to take out a PPI.
- Not being given an option to opt out for payment protection.
- Given false or misleading information on protection insurance when in fact this was not beneficial to you or required.
- Having a PPI would falsely improve your chances of securing a loan or mortgage.
- The PPI policy was attached to your credit agreement without prior knowledge.
- The person or company having sold you PPI did not make it clear enough that there would be extra charges incurred such as interest or late payments.
Please note: there are many other reasons for misold payment protection insurance which may not be listed above, although PPIclaimsguide.com aims to provide fully independent advice on PPI it best to get in touch with a reputable PPI claims company to handle your case. Many will not charge you an up front fee for this type of service.
How to Make a PPI Claim
You have probably seen the ads on TV for PPI Claims companies that a no win no fee service for mis-sold payment protection insurance. And although you can make the claim yourself it is advised that you seek out a company that can do this for you. Competition for your business is fierce and most claim management companies will offer you a no-win no-fee proposal. Always read the small print before you sign up with these companies and whilst most are professionally run businesses regulated by the Ministry of UK Justice you should always perform due diligence by searching on Google, Bing or Yahoo for real human reviews on the services provided by a PPI website or claims handler. The best thing to do is get in touch with the bank, building society or credit company that sold you PPI and complain to them, they are obliged by law to take your complaint seriously and although banks such as Lloyds TSB take several weeks to process your claim you could be entitled to a big cash payout if your claim is proven.
By law the bank or finance company has a maximum of 8 weeks to get back in touch with a final decision or tell you why they need more time to process your PPI claim. If you are not satisfied with the response or have waited long past the 8 week threshold then you can get in touch with the FOS (Financial Ombudsman) who can help with your claim.
If you are not happy with the service your PPI claims company is providing for you then have several options. Firstly you can cancel your agreement with them and try another PPI claims company. you may be de-satisfied with the time they are taking to process your claim or are unhappy that you have not been paid out and you have not received your money. The vast majority will have want to make the claim as fast as possible as it is in their best interest - remember they do not get paid until your claim has been settled by the bank, building society or loan provider. The no win no fee PPI claims websites that you see being advertised on television are known to be aggressive in seeking the highest possible payout for their clients.
Get Started with Your PPI Claim Today
Are you ready to claim back what is rightfully yours? Tough UK government legislation has finally been approved by the courts and there are people just like you that are successful in claiming back mis-sold Payment Protection Insurance.
You can either telephone, look in the Yellow pages or better still go direct to a PPI claims website where in just a few minutes you could be on the first step on the PPI claims compensation ladder.
You will be normally be assigned a claims handler who do all the work for you, all you have do is provide the necessary documentation and they will then start your claim campaign.
2014 Update: The number of cases of PPI claims in the UK is still causing great concern for the UK banks. Two big banks, the HSBC and Lloyds have reported a big down turn in profits due to the number of PPI cases made against them.