Skip to main content
14746507091_624c12d702_m

Payment Protection Insurance and more on PPI Claims

You might have heard a lot about PPI claims. PPI or Payment Protection Insurance is a product devised by financial institutions that covers repayments on loans, credit cards acquired by the customers. This is also reckoned as credit protection insurance but it is not the typical credit card cover or some kind of income protection. PPI claims are made to cover the client against obligations like ill-health, unemployment, accident or untimely death.
PPI reclaims helps and protects person during financial obligations. It removes the financial worries for the insurer’s family. This may be in the form of a loan or an overdraft. Banks and other credit providers sold this debt as an addition to loan or overdraft. Loan or overdraft payments are covered by PPI for a minimum period of 12 months.
There are times when many PPIs have been mis-sold with loan, mortgage, credit card or hire-purchase agreement. There are several ways in which PPIs have been mis-sold which includes staff using high pressure selling techniques or misleading people.

If any person proves that PPIs were mis-sold then he is eligible to go forth with PPI reclaim and he will get back all the premiums paid with interest. PPI can be reclaimed by the use of Solicitor or using a claims management company. Also, PPI claim can be calculated with the help of PPI claims calculator. If the loan is still being repaid, then settlement of premium would reflect the future costs of PPI as well as the interest charges are written off. If the borrower of PPI at the time of claiming PPI, owes money to the lender then lender have a right to offset PPI refund against the debt. If any PPI value is left then the balance will paid to the Solicitor or the borrower.

PPI claims calculator can help you calculate the amount easily. The price of PPI can vary accordingly depending on the lender. Premium on PPI may be charged on a monthly basis or Single Premium Policy basis. In Single Premium Policy, full PPI premium may be added to the loan so as to cover the cost of the policy. PPI premium with lump sum loans are paid with the cost from 13% to 56% of the loan amount. Calculation of PPI on credit cards is different from lump sum loans. As initially there is no sum outstanding and also the customer is not confirmed about using their credit facility.

You can find out more about PPI Claims,
PPI Claims Calculator

http://www.theclaimsconnection.co.uk/ppi-claims/payment-protection-insurance-claims.html – Payment protection insurance, or ‘PPI’, is insurance designed to cover loan, finance or credit card payments in case you are made redundant or are too sick to work.
In itself, PPI isn’t a bad product. However, claims are being made due to various mis-selling practices by lenders, agents and brokers that have been rife across the financial services sector for years.
The Financial Services Authority, or ‘FSA’, issued a new handbook at the end of 2010, identifying the most typical mis-selling practices. The handbook laid down guidelines for lenders to compensate customers who had been mis-sold PPI.
The banks initially challenged the legality of the FSA’s measures, but ended their action in May this year, paving the way for thousands of PPI reclaims.
Some of the worst mis-selling practices related to ‘single premium PPI’, which was banned by the FSA in May 2009. This was where PPI was added to the loan as a one-off premium at inception.
Single premium PPI was an especially bad deal for several reasons, which were seldom revealed or adequately explained to customers.
Firstly, it was frequently automatically included in the overall loan quotation, instead of being explained separately, meaning that customers were often unaware of the policy.
Secondly, it was poor value for money. Alternative PPI was usually available much cheaper elsewhere. However, customers were often given the impression that the product was compulsory.
Thirdly, customers with single premium PPI were rarely entitled to a pro-rata refund if the loan was repaid early, making this type of PPI unsuitable for those likely to re-finance.
Fourthly, interest was payable on the entire premium from the outset.
Finally, the term of the cover was often shorter than the loan itself, meaning that customers were unprotected if made redundant during the latter part of the loan.
In essence, single premium PPI was the most glaring example of a bad deal for the consumer, in a market in which mis-selling was rife.
For more information on PPI refunds, contact the Claims Connection managed by Winston Solicitors LLP on 0845 009 6899, or visit www.theclaimsconnection.co.uk/ppi-claims/payment-protection-insurance-claims.html.

Related Ppi Claim Articles

14779757854_d52b2b2238_m

How Do I Make a Payment Protection Insurance (PPI) Claim?

An estimated 2.5 million people were mis sold PPI and are entitled to make payment protection insurance claims. £4.5 billion is due to be repaid by banks and credit companies, and you could be entitled to make a claim. Payment protection insurance was mis-sold to people taking out loans, credit cards, mortgages and other lending products from banks for over a decade. It is a form of insurance intended to protect repayments of a loan, should the borrower become unable to make payments due to illness, injury, unemployment or death.

The PPI scandal involved lenders selling PPI either; without the policyholder’s knowledge, with the impression given that PPI was not optional, with the impression that PPI would help with the approval of a loan or credit card or that PPI was sold without explaining the full cost or conditions of the insurance. Online, PPI was mis-sold when lenders provided pre-ticked boxes offering PPI, meaning that the borrower had to opt-out of the policy instead of opting in.

It was ruled last year that these selling methods are unethical and unacceptable, and banks and loan companies were told repay the millions of people who had been mis-sold PPI. If you have taken out a loan, credit card, mortgage or lending product which has been active in the last six years, you are highly likely to be entitled to make a payment protection insurance claim. Payment protection insurance claims average at around £2750, but they can be much higher. It all depends on how much the insurance was, and how long it was sold for.

To find out whether you have been mis-sold PPI, and to make a claim, speak to the experts at a claims management company. They should work on a no-win no-fee basis and offer a free assessment of whether you are entitled to make a payment protection insurance claim, meaning you have nothing to lose. The key to making a successful PPI claim is understanding what you are doing. Perhaps you have been given advice that you should claim PPI yourself, rather than turning to a claims management company. This is dangerous advice. Many people do not know how to approach banks to make a payment protection insurance claim, and those that do may find that they are no match for the high street giants and they are quickly dismissed.

It makes sense to let the experts make a payment protection insurance claim for you. It saves you the inconvenience, and the fact that it is being handled by those with considerable knowledge and experience improves the likelihood of a successful claim. So contact a PPI claims management company today to find out if you are entitled to compensation. Simply let them do the hard work and simply wait for your cheque to arrive.

ABC Claims Management are reliable experts in PPI claims management. Speak to their experts today for a free no-obligation consultation and find out if you are entitled to a claim.

PPI claims management

Related Ppi Claim Articles

14586613727_1637988dd6_m

Claim back Payment Protection Insurance

Britain’s banks have finally started their attempts to provide PPI compensation to those wriggling in for long for insurance claims. These financial institutions are now paying compensation to customers who were mis-sold payment protection insurance (PPI).If you have a PPI policy, you should put in a claim for mis-selling right away.

It’s been announced by the British Bankers’ Association (BBA)that insurance policyholders are entitled to receive reparation. The BBA will impose tougher rules on mis-selling PPI. The rules would apply retrospectively to sales, and complaints of ppi.

A great many PPI policies aremis-sold each year. It is instructed to borrowers to make sure whether they are being given payment protection insurance. If yes then it becomes perfunctorily for you to check exactly what your policy has been covered. It is suitable for your circumstances at the time.There are several ways in which people have been mis-sold.

You need to check whether the insurance is optional. The adviser tells you about any significant exclusions as well as inclusion. Check whether it’s covering pre-existing medical conditions.

If you’re taking out a loan or doing any finance agreement, check with your financial adviserwhether the PPI is optional. You can use PPI claim calculator and calculate the amount to be paid for the insurance up front. However there is £2,500 for each PPI claim.

It is worth understanding that the payment protection insurance cost adds to the loan. You pay interest on it. The singlepremium of PPI insurance normally lasts for five years. If any loan is longer than the period, it is important to as adviser about the total insurance amount.

Essentially, the loan providers need to review their past sales and check mis-selling of ppi. They should contact such customers they consider likely to have been affected by the agreement. If you do so, it is most likely that you may stand more chance of winning you ppi compensation. If you don’t want to wait for the lenders, make the first move yourself and put in a complaint in person. If you have lodged a complaint, your loan provider needs to acknowledge receipt within five days and eight weeks to act in response.

PPI, or “payment protection insurance” goesby manydifferent names andare often soldin ways that areless thanethical.Somepeople do noteven realizethey havePPIto begin with.

You can find out more about how to claim ppi,
Claim Back PPI
14779757854_d52b2b2238_m

PPI claims for mis-sold Payment Protection Insurance

PPI or Payment Protection Insurance is considered to be one of the best policies. When any unexpected incident happens to the borrowers then PPI protects them. Incident may be of any type like illness, disabilities, accident or unemployment. In any of this case, Payment Protection Insurance (PPI) provides a good financial back-up to the policyholders and through this they can continue to pay their dues on time without any much problem. Another very important thing about PPI is that policyholders can go for PPI reclaim without much problems. If the borrowers pay their dues properly then they easily get their PPI Claims. So it is very important for policyholders to understand that their hard-earned money is in safe hands.
Switch to PPI Claims
It is very necessary for every person to keep each and every document relating to PPI with himself. He should be well informed about having PPI. Payment Protection Insurance (PPI) is an extremely important insurance for the policyholders. It is an insurance claim for the policyholders which is sold by the lenders to them with finance agreement to secure the payments of those borrowers who are not able to repay their dues because of their illness or any other reason. It is also necessary for the borrowers to understand that making PPI claims is not only claiming their PPI amount but also all interest charges added to it. So if you want to go for PPI reclaim, you should know well about your documents of PPI. If your policy was mis-sold then you should know the reasons behind it. And then you can easily switch to PPI claim experts. For all this you can take a legal help from Financial Ombudsman or PPI Reclaim Specialist.
Using PPI Claims Calculator to know PPI Reclaim
Whenever any Payment Protection Insurance (PPI) mis-sold, it can be reclaimed by the borrowers. Borrower has to write to the bank of lending company for a refund of Payment Protection Insurance and the bank or financial institution assure the amount with the help of PPI claims calculator. After this, borrowers should stand by his point of PPI Claims. There are many experts who also can help you to go for PPI reclaim. As they better know the legalities for PPI reclaim. They set to make out the borrowers and assist them out to get their PPI claims. They set aside a fund for compensating the borrowers in refunding their PPI claims. They make a provision against PPI complaints in order to claim the amount of money they have given off.

You can find out more about PPI Claims, PPI Claim,

PPI Claims Halifax Bank

http://www.theclaimsconnection.co.uk/ppi-claims/halifax-ppi-complaints – Payment protection insurance, or ‘PPI’, is not a bad product in principle. It’s designed to cover loan, finance or credit card payments in case you are made redundant or are too sick to work.

PPI could be acquired relatively cheaply when purchased as a stand-alone product. However, Halifax banks and other large financial organisations saw an opportunity to link PPI to loans and credit cards. Heavy selling techniques were adopted and premiums soared, along with profits.

Since the mid 1990s, mis-selling of PPI has been rife across the financial services sector. Most major lending institutions were guilty of ‘jumping on the PPI bandwagon’.

The most common mis-selling practices included failing to inform customers that the PPI was optional or leading them to believe that it was compulsory.

Other practices included failing to discuss:

• the price of the policy separately to the loan itself;
• the overall cost of the policy (instead of just the monthly premium);
• the ‘cooling-off period’; and
• in the case of single premium PPI, the lack of pro-rata refunds or the payment of interest.

Halifax bank and many other banks and lenders generally failed to explain the policy in a way that was understandable to the particular customer.

They also frequently failed to investigate whether the policy was suitable for the customer’s needs. Consequently, PPI was sold to customers for whom it was unsuitable. For example, self-employed or retired people, or those with a medical condition, who would be ineligible to claim
.
The FSA laid down guidelines for lenders to compensate customers who were mis-sold PPI. The Halifax and other banks withdrew their initial legal challenge to these measures, paving the way for thousands of PPI re-claims.

If you bank with Halifax or a lender that was guilty of any mis-selling practices, you may be entitled to a full refund.

For more information on PPI refunds, contact the Claims Connection managed by Winston Solicitors LLP on 0845 009 6899, or visit or website.

Related Ppi Claim Articles