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How A PPI Reclaim Could Help You Pay Off Debt

Payment Protection Insurance (PPI) is a very profitable sideline for lenders. In fact, lenders make more money on PPI than the interest they charge on the loans and credit cards the insurance protects! For every 100 a lender charges for insurance on a loan or credit card, there is an 85% chance a claim will never be made by a customer, so they get to keep all of the money. The trouble is, a lot of this money has been obtained at the expense of pushing people into taking on extra credit – and therefore more debt – and mis-selling them Payment Protection Insurance at the same time. If you’re reading this article you are probably one of them, but fortunately PPI claims will be the key to helping you pay back the debt the lenders have forced upon you.

Payment Protection Insurance was once regarded as a very useful insurance policy that could provide an income in the event of illness or redundancy. But all of the benefits of this insurance are mostly forgotten now in the wake of its massive mis-selling by lenders over the last few years. The avalanche of PPI claims as a result has been predicted to reach some 2.7bn in refunds and compensation over the next five years. For many, these payouts will be the key to paying off some – if not all – of their debt.

The lengths lenders have gone to, to sell PPI are extraordinary and in some respects, unbelievable, simply due to the massive profits that could be made on each policy, far more than what could be made on the interest from loans and credit cards. If you are reading this and wondering if you may be one of those people who has suffered at the hands of the lenders then reclaiming your PPI could be the answer to your debt problems.

The full extent of the unscrupulous and unethical tactics lenders use to get you to have PPI has only recently come to light. There are many ways you could have been pushed into having it which would make PPI claims valid, including: 1) Not knowing you have it in the first place! 2) The lender slipped it quickly into the conversation so you didn’t hear it mentioned clearly 3) You were told it was compulsory to have the lender’s PPI if you wanted to obtain credit from them 4) Pre-filled application with boxes ‘helpfully’ ticked 5) The policy is not what you asked for or agreed to 6) You didn’t know your loan was longer than the PPI policy 7) The PPI is a joint policy held in one person’s name 8) You were a student, unemployed or retired when you were sold the policy yet it doesn’t cover you under these circumstances 9) Does not cover you if you are a sole trader, but you were told it did 10) No enquiry about existing medical conditions which the policy will not pay out on 11) No discussion about any alternative cover you may already have

Any of the above are grounds for a PPI claim, but it may not be an easy process. Recently the Financial Ombudsman complained to the Financial Regulators about lenders immediately rejecting claims as they arrive and being deliberately obstructive. This is despite 89% of all complaints that the Ombudsman deals with relating to PPI claims having merit and subsequently being upheld.

So why are lenders behaving so badly? Very simply to try and make the process as difficult as possible, so you give up on your PPI claim and they can keep the money. After all, if you receive your third, fourth or even fifth letter from your lender refusing to discuss a complaint or simply rejecting the PPI claim as having no basis, wouldn’t you give up?

Sometimes you can speed up the process considerably by using an experienced claims company to help you with prepare, submit and manage your PPI claim. Most lenders don’t bother to try delaying tactics with these companies because they know they have a great deal of legal knowledge behind them, not to mention won’t tolerate any silliness or obstruction from the lender.

Whichever way you choose to get your money back – the DIY route or using an experienced claims company – there’s nothing quite as satisfying as paying off as much of your debt off as possible with that lender. Even better, if you can pay it all off using your PPI claims refund, you’ll have the pleasure of knowing you stood up for yourself and got rid of an unethical lender who tried to cream off a bit more profit by pushing you further into debt.

If you are struggling with your ppi claim find a good ppi reclaims company who can help you though the process. A good company will even get you ppi compensation on top of your claim!

PPI Claims No Paperwork. Can I make a PPI claim if I no longer have my original loan details or policy number?

You will not need the paperwork to make a PPI claim. You will need to look even look for paperwork you have. Is it possible to make a legitimate PPI claim when you have no paperwork for verification? Typically someone making a PPI claim without all the paperwork can get back several thousand pounds in compensation.
Yes, we can 100% start your PPI claims without paperwork. You just need to complete our PPI Claim Pack and return it to us. Once we have the signed paperwork we can make a start on your claim. Check all your paperwork to confirm that you have a policy.
Attach any necessary and relevant paperwork to your PPI claim. The second thing to consider is whether you have all the paperwork from the policy. If you have a store card it is worth digging around in the paperwork for traces of PPI, often though there is minimal paperwork for a store card and it is best to call the provider in question.
If you’re not sure if you have PPI, look at the paperwork sent to you at the time you took out your loan. Checking your statements and other paperwork should show a reference to PPI. The thing to remember when attempting to claim back PPI without any paperwork is time, if the policy is older than 6 years you will almost certainly need documentation proof for the bank to accept your claim for compensation.
Thousands turned out to have the insurance and have now claimed back over £10 million for our clients who did not have any paperwork before they got their claim started. If this is the case, then I would be inclined to send off the paperwork yourself anyway- as quick as you can-that way, once you have done it and you ring the appropriate bank or building society, then you will know whether they are working from the PPI claims company’s paperwork or your own. If you’ve kept the loan or credit card paperwork then the original agreement will show if you took out PPI.
Even if your PPI policy was taken out more than six years ago, you may still have a case as long as you still have the relevant paperwork in your possession. In order to find out if you have a PPI policy you should check all your loan documents and any paperwork which you were given when you applied for credit. If you believe you were mis-sold PPI but you do not have the paperwork for the policy the first thing to do is to fill in the form at the top of the page and we will get in touch straight away to discuss your claim(s).
Yes, even if you can’t find your paperwork we will investigate your complaint properly and fairly. Yes, even if you can’t find your paperwork we will investigate your complaint properly and fairly. If you believe that you have been mis-sold PPI then we will review your paperwork on a no obligation basis, at no charge, and advise you within minutes whether you have a valid claim.
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