Financial institutions came up with increasingly crafty ways to try and add payment protection insurance onto your finance agreement as a way to increase their profit margins with little regard for whether the PPI was suitable for you, you may be due a refund! Starting up a claim is easy as we handle everything for you and it doesn't affect your credit rating so there really isn't a reason you shouldn't try and reclaim your money!
There are too many ways that banks mis-sold PPI to list, however, there are some techniques that are common to a lot of banks that you can check for. They may have added the PPI without ever asking or informing you of the addition, told you that you were more likely to be accepted for the loan with the inclusion of PPI, or they could have added the insurance even though you wouldn't of been eligible to claim (e.g. You were self-employed or retired). If you are unsure whether you may be eligible to reclaim your PPI enter your details and we will contact you to see if you are eligible. There is often confusion concerning the time-limits that apply to making a claim, see our page on PPI time-limits for more information on this.
There are a myriad of reasons why you may have been mis-sold PPI, in order to successfully reclaim your payment protection insurance, it is helpful to be aware of the grounds for mis-selling. For example, if the insurance was added to your credit without your knowledge or if you were told being accepted to take out your loan was dependant on you taking out the PPI policy, you are entitled to make a claim. If you were not advised that payment protection insurance was available from other providers (usually at a much lower rate) by the seller, or if the insurance was fit for purpose, you are also eligible to claim the seller mis-sold the policy, thus you are eligible to make a PPI claim.
Not being made aware of a PPI policy happens more often than you might expect. Commonly, PPI has been sold 'as standard' with several credit products such as mortgages, credit cards and loans, and in some cases, customers have had to ask for PPI to be removed from the financial products. Many sellers have not made it sufficiently clear to consumers that payment protection insurance was included 'as standard', and this is what embodies mis-selling. We strongly advise you to check all your financial statements, because you may have a payment protection insurance policy with a credit product without your knowledge, if this is the case, there is a high possibility you could make a claim. At PPI.com, we take mis-selling very seriously and vow to fight on your behalf to prove the bank mis-sold your policy.
If a seller stressed that you being accepted to take out a mortgage, loan or credit card was dependent upon you taking out a PPI policy with it, you are eligible to claim, since this is not allowed by the FSA when a company is selling payment protection insurance. If you were told that the provider would only lend to you if you took out the PPI policy, you are entitled to make a claim for the money back with interest and we can usually secure you extra compensation on top of this.
Not being advised you could get a better deal elsewhere:
The financial regulations in the UK stipulate providers must inform the customers that they may be able to get the insurance cheaper from another source, often banks sold the policies for much more than the market rate. If you were not told this, the bank had broken the rules and mis-sold the policy.
Broadly speaking, PPI policies will only cover consumers within the age range of 18-65 years old in full time employment. If you were self-employed, retired or unemployed when the payment protection policy was taken out you will most likely by eligible to make a claim.
If the policy sold to you was not completely suitable for your needs, you are eligible to claim back PPI with interest and compensation. For example, if a customer stressed they had a pre-existing medical conditions to the seller but got sold a policy regardless, this customer is entitled to make a PPI claim because the seller allowed the customer to buy the policy despite the customer's conditions. The same applies to the other two factors; customers are eligible to claim back PPI if they were sold a policy despite being younger than eighteen or over sixty-five, or despite not being in full time employment.
If you are not sure whether your policy was mis-sold, avoid hesitation and contact us, we will be happy to assist you.
- Premium Protection Insurance
- Loan Protection Insurance
- Accident, Sickness and Unemployment Insurance
- Accident, Sickness and Redundancy Insurance
- Mortgage Payment Insurance
- Premium Protection Insurance
- Income Protection Insurance
- MPPI (Mortgage Payment Protection Insurance)
- Credit Care
- Credit Care Insurance
These are all different names for PPI so don't let this put you off starting your claim, you can claim for the interest lost on the PPI payments and often we can secure you additional compensation for the hassle caused to you by having to get your PPI refund.