Payment Protection Insurance refund

Were you mis-sold PPI?

Payment protection insurance also known as PPI is an insurance product generally used to cover an outstanding debt.

The debt can be in a form of a:

• Secured Loan
• Overdraft
• Store card
• Unsecured Loan
• Mortgage

PPI is generally sold by banks and other credit suppliers as an add-on to the outstanding debt.

PPI covers the borrower against circumstances that may keep him from earning a living, for example an accident, continuing illness or sudden unemployment, which may also prevent the consumer from repaying the debt.

In the UK lenders advertise PPI policies as an always winning situation for everyone involved. Please note that in the UK most of the PPI suppliers donot tell the purchaser about the high premiums they will have to pay after buying PPI.

As a result it may come as a shock to the customer when they go through the keyfacts document. Hence, an unbelievingly large amount as premium will add up without any prior information by the seller. It can also be termed as miss-sold PPI.

Remember: Taking out PPI is 'NOT' compulsory

In the UK consumers are not obligated to have a PPI policy, nor is it a compulsory add on package with the loan. So, if you are sold PPI by stating any of the above mentioned reasons, then it will definitely be a case of PPI miss-selling.

Are you a victim of missold PPI?

After reading this, if you think you have been a victim of PPI mis-selling, then you can always opt for PPI refund. The following pointers may help you in your PPI claim back.

• If the PPI supplier company agree that you have a clear case of PPI mis-selling because either you did not need PPI at all or you were inappropriate for the policy anyways, then only you are entitled to PPI claims.
• If your case is proved to be a case of miss sold PPI then you are entitled to PPI refund of all the premiums you paid plus interest. You may also get the commission you paid at the time of purchasing PPI, if you bought it through an independent broker.
• You may also ask that how exactly will you proceed towards making a PPI claim back?

Remember the key word is 'COMPLAIN'

You may proceed in two ways:

1. Firstly you can complain directly to the PPI selling company concerned. It requires a lot of time and effort with comparatively less chances of PPI refund.
2. And the other way could be through a broker, who no doubt will ask for his commission, but will also increase your chances of an early PPI claim back.

The best way to avoid pursuing a PPI refund is avoiding being in that position in the first place. You don’t have to buy from the first PPI supplier that crosses you, always look for the best available in the market. Also make sure to solve all your queries before making an investment which will save you from all the future problems. 

Click here to complete your PPI Claim Form