The story is out now that many banks or loan companies have been selling payment protection insurance to people without informing them that it is an optional insurance to cover your loan. PPI was intended as an insurance against illness, or loss of work, to cover any loan repayments that are required from the contract you signed when taking out the loan. But the insurance premiums were not only very high they were also mis-sold in many cases.
You may be entitled to compensation or a refund if your situation meets any of the following different scenarios:
• If you bought PPI alongside a loan agreement, mortgage or credit card and were not told it was an optional extra.
• If your loan agreement form had a pre-ticked box for the PPI, especially if it was an online application.
• If the details of the cost or how it worked weren’t properly explained to you.
• If you’re over the maximum age.
• If you were already retired or didn’t have a job at the time of purchase.
• If you didn’t know that the PPI would end before the end of the loan term, leaving you without insurance.
Some single premium policies were also mis-sold to people. The FSA agreed with PPI lenders that any mis sold PPI that was cancelled then they should also be entitled to a refund, if all the correct criteria are met.
Single Premium PPI – How to Reclaim PPI
The first step to take is to check your contract, make copies of your bank transactions related to your repayments and write a letter of complaint to your lender. If you don’t have time to do this by yourself, or you’d rather have someone dealing with all the letter-writing and phone calls on your behalf then call PPI Return on 0800 877 8888 now. We offer a no win, no fee claim system that will take away the pressure and worry from your shoulders and get your money back where it belongs – in your own pocket.
Content correct at time of publication