PPI is an add on to a loan to help the customers with the repayment of their loans in case they are unable to repay it due to some illness, accident, loss of job or death. It is a good supporting product to the loan if the customer has been informed in advance and is allowed to make a decision based on facts not on omission or coercion. Most of the customers who took out a loan or credit card ten years ago were offered or sold a PPI policy at the time you took out a loan, mortgage, credit insurance, unemployment cover, mortgage payment protection plan, credit card or other credit. It might have been under the name of loan protection, personal loan protection or loan repayment insurance. The policy is thought to be mis-sold when the customer was not made fully aware of any major limitations or exclusions, did not understand the true cost or was made to think that the policy was mandatory when it was not so or were effectively pressured into taking the policy. Most of the time customers were not even informed that they had this insurance attached to their loans. Many policies turned out to be completely worthless when the need arose and not provided the expected cover. Furthermore many people have been sold a policy without being made aware of the cost or terms made clear fully or partially, thus they end up spending a lot of money on insurance they will never need or will never be able to claim on. Any loan contract containing words like “loan protection”, “payment protection” or “loan care” or anything similar, will more than likely be a mis-sold policy. Most of the banks and lenders that mis sold PPI are seeing better profits now than ever before while the customers paid off their debts with their tax payments and now they are able to borrow money at the lowest rates ever, just 0.5%. Then they charge their customers an average loan rate of 8%, credit card rates around 18% and mortgage rates circa 6%, making them staggering profits and leaving theirpoor customers with mounting debts. The Financial Services Authority (FSA) found that almost 80% PPI policies were mis-sold. Thanks to the high court ruling which has made the banks and other lenders to look into all the policies they have sold and refund the customers with interest. TheFSA also found that despite the repeated warnings many lenders are still not treating their customers fairly. It is true that you can apply for a PPI claim without the assistance of a solicitor or a PPI Claim Firm, it is easier to take help of a PPI assistance team or request a PPI specialist. We’ve already got money back for all of a lot of victims of mis-sold PPI and if you’ve got a case, we’ll do the same; strictly on a NO WIN NO FEE basis. There might be a time limit applicable to your case so do not delay. Contact us today.
if you are unable to meet the payments through redundancy or being unable to work due to illness or accident. It is available with mortgages, mis sold ppi plans to manage timely payments in low financial situations
PPI started out with an aim to help those looking for financial assistance in the form of a home loan or mortgage or even a credit card by protecting them for times when the payment was not likely to be made. This insurance was to hold good in the event of the borrower falling grievously ill, becoming bankrupt or even due to an accident or death. The problem with this was that most of the times the borrowers were not aware of the added liability of the PPI and it was only recently with a ruling that the PPI was deemed unethical and unnecessary that the procedure to reclaim PPI has started.
There are many ways to claim back PPI. One can apply for these claim reimbursements oneself but the procedure can be long and painful with innumerable forms to fill and hearings to attend. Someone with a busy work life will just not be able to follow up on this. Finding the relevant paperwork pertaining to the original financial agreement is by itself quite difficult. Contacting the Loan agency to ask for a claim back PPI can be awkward when they refuse to acknowledge the claim. Hiring the services of a claim back PPI insurance company is a better option especially when all the work is taken care of by them.
There are companies and agencies that specialize in claim back PPI cases and with all the paperwork and correspondence taken care of this becomes easier to deal with. A professional claim back PPI company is also regulated by the Claims Management regulator and these are the best agencies to work with till the culmination of the claim. These professional companies will also charge no fees until the claim back PPI insurance is won back by the client. This makes it a win-win situation for the client as he loses nothing yet stands to gain a lot when the reclaim PPI case is won. These professional companies are also well versed in the entire procedure and take up very little of the client’s time for this.
It has been found that the claims PPI process runs smoother when the claim is formalized by a company that is a professional at this and the payouts are not only better but also within the time specified by the claims authority. As the lending organizations are also aware that these claim PPI agencies have access to legal recourse as compared to an individual so the reclaim PPI process is definitely better when claimed by a professional claim agency.
Fungai Ben is UK Author. He provides free advice to make your website SEO friendly. He has applied his knowledge and understanding to a wide variety of reclaim PPI and claim back PPI.
The first thing that comes to mind when we take a large amount on loan or mortgage against our existing asset is that what happens if the income stops. How are we going to pay back the sum and what happens next? The best thing to do at this point is to go for an insurance specifically meant to cover loan repayments in case of discontinuity of income and the consequent inability to meet the financial commitments. This type of insurance is called a Payment Protection Insurance (PPI) also known as ‘Loan Protection’.
In case of sudden unemployment, which can be due to variety of reasons including accident, illness or other unavoidable situation, your PPI policy will cover the repayment commitments for 1-2 years which gives you enough time to get back into the job front again without breaking your head over repaying debts every month.
PPI are typically bought along with credit cards, loans and mortgages but can also be bought alone. One thing to keep in mind is that, there are a number of cases where the PPI was mis-sold to a consumer and may later lead to inability to claim a payment protection coverage which suits their particular need. Sometimes the PPI cost can be high and can but an extra burden on your loan. It is always advisable to research and consult PPI claimexperts before purchasing a Payment Protection Insurance to ensure you have the best policy which will cover your individual need the best.
Large cases of mis-selling of PPI policies has led to the need for reliable PPI claim calculator services. These PPI experts are professionals who deal with the ‘small print’ instructions and other nitty-gritties of PPI policies. Is recommended that you take your refund case to these experts for efficient handling of your case. Although these days there are umpteenth number of online PPI claim calculators available they are not always correct.
It is always advisable to go to a good PPI claim calculator for a rough estimate of the payment protection claim you are entitled to.One important point that most people are unaware of is that anyone who realizes that they have been mis-sold a PPI policy can claim for a refund. It can include cases where the loans and mortgages included PPI without the knowledge of the consumer or when the policy sold is unsuitable for the party.
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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. Video Rating: / 5
Payment Protection Insurance can cover repayments if you lose you job, become ill or if you die. PPI cover repayments of personal loans, car finance, credit cards, store cards, catalogue debts and mortgages when you are not in a position to reimburse your dues on time. Payment of PPI is included with the loan repayments. You should constantly ensure that you have a replica of the policy having full PPI policy synopsis before you extract PPI policy. It is for the reason that whenever you need to have PPI claim you can simply obtain it. If you make a PPI Claim, some PPI policies will compensate only pay out a predetermined amount of money or formulate repayments for a definite period of time. PPI Claim Calculator PPI Claim Calculator is used to estimate the definite amount of PPI claim. It is also considered as PPI Claim Estimator. Monthly payment and length of loan are the two major factors mandatory to evaluate the PPI Claim. This may help you in finding your interest charges as well as other charges which are added to the loan. PPI Claim Calculator estimates the information about balance transfers and types of insurance you may acquire out with your credit card. PPI Refund If the company who sold PPI Policy to you knew it was immoral for you, or didn’t check on your conditions properly prior to selling it to you, you may be capable to make a PPI claim for mis-selling. This means that the company has sold you a PPI policy when they shouldn’t have done, and you may be able to terminate the policy and obtain a PPI Refund. PPI Expert If you have problems claiming on a PPI policy, you may want to make a complaint. You should complain first to the insurance company. You may need the help of PPI Expert to make the complaint. PPI Expert can help you in budget your finance and ensure you are getting any welfare benefits you are entitled to, which in turn facilitate your wealth problems. Citizens Advice Bureaux and the Money Advice Service also assists you all the information concerning mis-selling of PPI and gives you free, confidential and independent advice. If you aren’t satisfied with the feedback of the insurance company, you can further take your complaint to the Financial Ombudsman Service.