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.
In theory the idea is a very good one, just as it often pays to have car insurance, house insurance and health insurance. However, for several years companies in the banking industry have not been presenting the information about the insurance in the correct manner. Recently the government has tightened up the regulations in regards to the way the insurance selling is to be managed.
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 you may have been suckered into paying for PPI insurance that you did not realize was optional or were misled about, then you should start to investigate how to go about making a claim. First you need to work out how much insurance you have paid over the course of your loan or credit period. This might take a bit of calculation, but you can find templates on the internet that will help you.
It is important to know that not every PPI claim will be approved and there is a process that you have to follow that involves writing a couple of formal letters. The good news is that you could potentially get back thousands of pounds, which is likely to come in very useful.
The main areas where people were missold or can claim back money are: if the lending institution has already received fines for acting improperly; if you have had medical conditions in the past for which you would not have been covered and you were not asked about these; if you were self-employed or retired and the PPI included unemployment insurance, which is clearly redundant or if you were sold something or told something that turns out to be incorrect.
The PPI insurance sales are huge business for these companies and many of them got greedy since it was a 5 billion pounds a year earner for them. Now however, you may be able to successfully make PPI claims and get that money back. Completing the claim can be a process, but it could well be worthwhile for you in the long run.
Looking to get your cash back from mis-sold-ppi? Then visit www.BankCharges.com to start your PPI claims today.