Nowadays there are plenty of people who are looking to regain money from the missold PPI claims that were given out in the United Kingdom. Thanks to this, there have been thousands of people across the country who have ended up losing a considerable amount of money. When this happens you want to make sure that you will be able to get it back.
The idea of PPI was that you could use it to cover your debt payments if you were unable to work. As a form of insurance, many people saw it is a good idea. PPI was a credit agreement that was struck between both the person lending the money and the individual who was borrowing the money. It was therefore designed to ensure that both parties were protected in the case of an emergency.
If you are unsure of whether or not you got PPI, then you can take a look at the receipts and paperwork you have for any credit cards or loans. You are going to find this written down on repayment statements that will come with it. If you are unable to find any evidence of this, or if you simply do not have the paperwork, then you will need to contact the person who lent this to you. It is a good idea to keep a close eye on everything when it comes to the paperwork for finding your PPI claims.
How to Tell If You Were Missold PPI
There are several ways to tell if you were missold PPI. If you were over sixty-five or under eighteen, worked less than sixteen hours per week, were contracted by a company or had an illness. There are other issues as well that are going to arise. These include not being asked about any other kind of insurance.
When it comes to PPI that was missold, you want to make sure that you can get your money back as soon as possible. Just a quick search will allow this.
Payment Protection Insurance, often used in its abbreviated form of PPI, are extra payments that were charged by financial institutions on a range of agreements, such as mortgages, loans and store cards.
PPI was meant to ensure that customers had some insurance to help make their repayments if their circumstances changed. However although the product was initially brought in with good intentions there was a large amount of mis-selling by the financial institutions. This has meant that banks and other financial institutions are now paying back literally billions of pounds to their customers who are claiming PPI refunds.
Banks have set up large funds to pay compensation to those who are claiming PPI refunds as they had policies mis-sold, and this money can be sizeable as not only are the premiums being refunded, interest has also been added. There are a range of reasons why customers were mis-sold PPI, some were self-employed, unemployed or ill, which would have meant that they often weren’t covered by the policy anyway. Other examples include forms which weren’t clear, pre ticked boxes or staff who didn’t explain the policies clearly.
Not having paperwork to hand showing the PPI which was paid also isn’t necessarily a problem, as this can be acquired from the bank. To claim PPI refunds it isn’t even necessary for it to be from within the last six years, agreements where the customer was paying PPI within the last six years, even if set up before then, often still apply for refunds.
Although it may seem like an effort to try and get a refund it should be remembered that banks are paying out millions each week, and the sums of money can be large. Large numbers of customers are each getting tens of thousands of pounds back in compensation, and so it’s well worth thinking about past credit agreements to check how much money might be owing. The banks made a lot of money from PPI agreements and so it’s fair to claim PPI refunds.
The publicity surrounding the billions of pounds which have been set aside by banks to settle PPI claims by those who have been mis-sold policies has attracted many millions of customers to make claims. However, customers have been put off claiming through lacking knowledge of the claims process; many customers fear the reclaim process will be complicated and difficult.
Individuals who have had policies with their loans or credits cards and who are considering submitting ppi claims should first of all ensure that they were mis-sold the policy. Customers who were fully aware of the policy, what it covered and what its limitations were, those who have made successful claims on their policies and those who themselves requested the policy may not have been mis-sold and will be unlikely to submit successful PPI claims.
To be successful in reclaiming the premiums paid, and possibly interest paid on the premiums, customers must be able to demonstrate that they were mis-sold the policy. This may take the form of the circumstances of taking the policy out – for example, if the policy was automatically included in the loan without asking the customer for approval – or if they were sold a policy despite being ineligible to make a claim on the policy – those not in work or in temporary contracts or with existing medical conditions, for example.
Having identified that the policy was mis-sold, the customer should then assemble as much relevant information as possible to submit to the lender. Information should include dates loans were taken out, details of payments made, account numbers, policy and premium information and whether the loan has been repaid.
This information will form the basis of the claim to the lender. PPI Claims can be submitted to the lender either as a letter containing all relevant details, including the reason the policy was mis-sold, or by using a PPI claims form which is completed to record the relevant information.