There is so much on the news recently, and in the media, about PPI (payment protection insurance) that it may be driving you mad. In most cases, people are avoiding PPI claims like the plangue thinking that they are not owed any money or that it is a hassle to claim. This means that the banks are keeping the billions they had put aside for people to claim back their money. The fact is, just by sending off a few details you could be looking at a Christmas bonus of an average of £2500.
Who can claim a PPI refund
Those who have taken out a credit card, mortgage or loan in the last 10 years may have been offered a payment protection policy, to cover them if ever they were unable to repay their loan. In many cases, these policies were mis-sold to unsuspecting customers, such as yourself, so now banks and lenders are expected to pay those policyholders back.
Those who have taken out a credit card, mortgage or loan in the last 10 years may have been offered a payment protection policy, to cover them if ever they were unable to repay their loan. In many cases, these policies were mis-sold to unsuspecting customers, such as yourself, so now banks and lenders are expected to pay those policyholders back.
PPI was mis-sold to those if one of the following applies:
1. The policy got added to the loan and you are unaware of it
2. You were not informed of the terms and conditions, or costings surrounding PPI
3. You already had a similar policy in place with a different lender
4. You were told by the bank that PPI was compulsory, or would help in your loan application
5. You were forced or pressured into taking out PPI by a salesperson
6. You were either self employed or had a pre-existing medical condition
If any of the above applies to you then you should have no problems in claiming back a refund from the bank, credit card company or lender.
How to claim PPI back
There are various different ways of claiming payment protection insurance back. The issue is, banks are not making it easy for people. A report on Watchdog recently found that those who were making claims themselves were being rejected, banks thought they had won. Many people are not choosing the more sensible option of using aclaims management company to deal with their claim for them. Claims management companies have the experience needed to deal with all of the boring legal jargon that could have the likes of me and you running for the hills. Many claims management companies will also provide free, impartial advice and so you don’t have to feel obliged to continue if you don’t want to. It is just a great way of finding out if you are owed anything and how much you could be owed.
There are various different ways of claiming payment protection insurance back. The issue is, banks are not making it easy for people. A report on Watchdog recently found that those who were making claims themselves were being rejected, banks thought they had won. Many people are not choosing the more sensible option of using aclaims management company to deal with their claim for them. Claims management companies have the experience needed to deal with all of the boring legal jargon that could have the likes of me and you running for the hills. Many claims management companies will also provide free, impartial advice and so you don’t have to feel obliged to continue if you don’t want to. It is just a great way of finding out if you are owed anything and how much you could be owed.
How much can be claimed back
How much you are owed completely depends on the policy you took out and how long you had it for. Banks don’t only have to pay back what you paid out, they also have to pay the interest on it too! Some people have been known to claim back amounts as high as £16,500 just for one credit card, loan or mortgage. Try and avoid ‘claim calculators’ online and speak to a real human being for a better idea of how much you can claim back in PPI compensation.
How much you are owed completely depends on the policy you took out and how long you had it for. Banks don’t only have to pay back what you paid out, they also have to pay the interest on it too! Some people have been known to claim back amounts as high as £16,500 just for one credit card, loan or mortgage. Try and avoid ‘claim calculators’ online and speak to a real human being for a better idea of how much you can claim back in PPI compensation.
It really is an easy way of getting money, especially if you have spent a lot of money on PPI in the past. As long as you really were mis-sold then there is nothing stopping you from getting back what you are owed and hopefully in time for all of that expensive Christmas shopping!