Reclaiming PPI

Have you been the victim of mis-sold PPI?

Payment protection insurance also known as PPI is an insurance product generally used to cover an outstanding debt.

The debt can be in a form of loan or overdraft, and PPI is generally sold by banks and other credit suppliers as an add on to the outstanding debt.

What is PPI actually for?

The main purpose of PPI is to make sure that the customer is able to repay his debts under a circumstance in which he is not able to do so by his usual income.

Remember: PPI is not compulsory

One very important thing to be noted is that purchasing PPI is not compulsory in any circumstance; it purely depends on the customer’s will and not on the seller’s. So in case you have been sold PPI claiming it be a compulsory product then unfortunately you are a victim of PPI mis-selling.

How to spot if you are being missold PPI

There are some other ways too through which PPI mis selling could be carried out:-

• For example, selling PPI to student or an unemployed person who does not even qualify for the policy.
• One of the most common among the many ways of Mis-selling of PPI is mis selling of PPI on mortgages. If you have been mis sold PPI on mortgages, then you can always ask for a Mortgage PPI reclaim.
• If you are a self employed person you are not eligible for purchasing PPI. In case you have, you can rightly opt for PPI claim back. It is the first and foremost duty of the PPI supplier to get every important detail about the client.
• Detail like if the client already has an insurance cover, in which case he will not be needing PPI. If your lender did not confirm you about this detail, then it is your right to ask for a PPI reclaim.
• The duty of the lender which says to confirm every important detail of the client also covers to provide every important detail about the PPI to the client.

Consider details of the PPI cancellation policy?

The PPI seller must give you detailed information about the cancellation of the policy, incase you might have a need for it in future. If you have purchased the policy and have no information whatsoever about the cancellation, then yours will be an example of mis sold PPI.

Reclaiming PPI on a mortgage?

What exactly is Mortgage PPI reclaim and how to proceed for a claim? The answer would be If you have purchased PPI on mortgages and you have been mis sold PPI by any of the means mentioned above, then you can file a complain and can get a mortgage PPI reclaim.

A PPI mortgage reclaim is a legal process in which the customer has to establish his case that how he was mis sold the policy by the PPI supplier and to make the lender pay the amount equal to all the premiums paid by the customer.

You can either yourself make the mortgage PPI claim or hire a experienced lawyer to do so. A lawyer will save you time and effort and help you get your refund much sooner.

Click here to complete your PPI Claim Form