PPI claims stand for payment protection insurance and you may be able to make a claim if you have had a loan, credit card or store card within the past six years. It has been found that wrongly representing this type of insurance has been widespread in the lending industry and you may be able to claim back fees that were wrongly charged to your loan at the time.
There are some people who are owed and who get back thousands of pounds in money that they paid for insurance, which should never have been sold to them. If you have bought this kind of insurance to cover repayments of your loaned or credited amount in the event of unemployment or incapacity, then you make be able to get that money back.
As a concept the idea of PPI is a good one, just in the same way that people take out other types of insurance for health, auto, home and contents. The problem has stemmed from the manner in which many lending institutions have been selling this type of insurance to customers. Because they get a lot of money out of the sale of this insurance, there have been many cases where the reality of the insurance has been misrepresented to clients.
The consumer commission has been looking into the way that the insurance has been sold in the past and it has been fining many institutions for the manner in which they have been unfairly treating the customer and dishonestly misleading customers or at least glossing over their options in order to sell more insurance.
If you think that you may have been wrongly or dishonestly sold insurance of this type, then you are probably able to claim this money back from the institution. The first thing to do is to work out how much you have paid out for the insurance during the time you have had it. You can find templates on the internet to help you work out exactly how much you could be able to claim back.
Not every PPI claim is approved and you will have to write a couple of letters to the appropriate people in order to have the claim processed, but you could potentially receive thousands of pounds return, which can certainly come in very handy.
The top reasons for being able to make a successful claim are: when the lending institution or creditor has recently been given fines for acting dishonestly; if you had medical problems in your medical history that would have excluded you from being covered and you were not questioned about them; if you ran your own business, were self-employed or retired and the PPI included unemployment cover or if you were sold something or told something that turns out to be untrue or incorrect.
The PPI industry has been earning credit and loan companies around 5 billion pounds a year, but you may be able to get at least some of the money that you have forked out in this type of insurance if you make PPI Claims.
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