Money Advice Direct
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PPI stands for Payment Protection Insurance and it is a kind of insurance taken out to cover payments on loans in the event of reason such as unemployed or serious illness.
Unfortunately the selling of PPI policies has come under the spotlight in the media over the past few years because of commission hungry salesman employed by banks and other lenders
overselling and misselling PPI policies to people who were never eligible to reclaim on their PPI policies such as:
But now those people who are a victim of the mis–sold PPI policy they can reclaim their mis–sold policy to get their whole amount back from the insurer company.
The PPI reclaiming process starts by the consumer who has a mis-sold policy writing a letter to the PPI insurance company to reclaim the policy premium stating reasons why the PPI policy was missold.
You should check whether the company which sold the insurance was FSA regulated at the time you bought the insurance.
If all your complaints to the company responsible are rejected, make a formal complaint with the financial ombudsman services to obtain the settlement.
If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.