PPI refund

PPI is generally used to cover an outstanding debt

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 loan or overdraft, and 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 a person from earning a living and prevent a person from repaying borrowing, for example:

• Accident
• Continuing illness
• Sudden unemployment

Most of the lenders advertise PPI policies as an always winning situation for everyone involved.

Please note that most of the PPI suppliers do not tell the purchaser is 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 examine the loan document. Hence, the person may notice an unbelievingly large amount as premium will add up without any prior information by the seller. This is what the misselling of PPI is all about and a PPU refund may be possible.

Please note that if you take out a loan or a credit card there is no obligation to have a PPI policy, nor it is 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 mis selling and hence a PPI refund.

Have you been a victim of PPI mis selling, then you can always opt for PPI refund.

The question is: what can a customer who has been mis sold PPI get?

1. 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.
2. If your case is proved to be a case of mis 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?

You may proceed in two ways:-

1. 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. The other method is to use a lawyer or agent, who no doubt will ask for his commission, but will also increase your chances of an early PPI claim back. Check that they are working on a No Win No Fee Basis.

The best way to avoid having your PPI refunded is avoiding yourself to be 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