You may have bought Payment protection Insurance (PPI) with a credit card or Mortgage to cover your repayments prevented from servicing the debt by unforseen circimstances. Over You may be one of the 3 million UK citizens owed over 5 Billion pounds for mis-sold PPI.

So how can you tell if it was mis-sold to you?
You may have been self-employed or worked for a family company and thus could not have claimed fully on the policy without ceasing work and not been informed of this. You could have been unemployed retired or due to retire and as such would not be able to have have claimed on the policy. There may have been an age limit applicable during the life of the policy that could prohibit you claiming. You may not have been informed that any change to your employment status could invalidate sections of the policy during its life. Similarly you may have had a previous or current medical condition that would invalidate parts of the policy.

Other common mis-selling tactics that may have been used was for the vendors staff to imply that purchasing the policy was mandatory when applying for a loan or perhaps that taking out a policy would improve your chances of a successful application. You may not have been offered a clear choice of the loan with or without insurance or given a clear picture showing a comparrison of the repayments until after you signed for the insurance, or you simply may have been subjected to distressing high pressure sales tactics.

There are a number of support sites or mis-sold PPI firms that can help you determine if you have been mis-sold PPI. The process of using a mis-sold PPI firm will reduce any potential compensation but take the paperwork and legal wrangling out of your hands.

Are you due a 3k or 4k refund where you mis sold PPI and can make a claim! Then go to ppiclaimback.co.uk and see if you can claim today !

It can’t have gone unnoticed to many people, the uproar in relation to banks, charging for PPI, when they had no right to do so. However many customers of these banks, past and present, are still confused as to whether they qualify or not for a full refund. Hopefully this article, will explain it in a bit more detail.

PPI, which stands for Personal Protection Insurance, is not a new type of policy. It has in fact been around in the UK for over 25 years in some form or another. The general idea was to help protect credit card/loan customers, in the event that they lost their job or became ill, and unable to make payments. This in essence, was not a bad thing. However the problem really occurred when the Insurance Companies, who provided these policies, started offering huge incentives, to banks for every policy sold. This resulted in banks offering bonuses to staff for doing the same.

This in itself was not a huge issue, providing PPI was sold correctly. Unfortunately human greed came into place, when many sales staff sold policies, which just weren’t suitable for the client. In many cases, the client was not eligible for cover, and would never have been paid out, even if they did become ill, or lost their job. Others were told that a provision of being granted a loan, was taking out the insurance policy or weren’t even told at all. These particular customers were mis-sold their policies and are entitled to a refund. Many of the companies who wrongly sold these policies have been severely reprimanded by the Financial Services Authority (F.S.A) and have been fined millions of pounds.

Any customer who was sold such a policy, and was advised that it was compulsory, had pre-existing conditions, or was self employed is entitled to a full refund. They are also entitled to all their interest charges back. Other customers too, are entitled to a full refund, but the list is too long, to go into detail. This is why any customers who have had these kind of policy, and believes, that they have been mis-sold it, are urged to contact a PPI specialist company, without delay.

What Is PPI? PPI stands for payment protection insurance and it is an insurance policy that is designed to cover for inability to repay a loan or credit product that has been borrowed from a lender. This policy is normally taken out while taking the loan, mortgage, or credit card from the lender or it can also be signed up for as a stand-alone product from a different insurance company.

PPI is a good product that can benefit the borrower and the lender a lot if it is well sold but that is however not always the case. Payment protection insurance should be sold to only eligible candidates and these are people who are employed and below 75 years of age. If this policy is sold to someone who is above this age, that is called ppi mis-selling. There are other scenarios that would make the selling of ppi mis-selling, these are; when the borrower of the loan had an existing insurance policy from another insurance company, when the borrower was not employed while taking the loan or was retired.

If the borrower was not briefed in full about the policy before signing up for it, if the borrower was already sick while taking the policy and many other reasons where the lender was not open and transparent about the policy product. So, if you have been wondering what is PPI now you know and also know what is PPI mis-selling?

After you have realized that your lender mis-sold the payment protection insurance product to you, you can make a claim and get compensated. However, you need to know what PPI is very well and how it works, who is eligible and what PPI mis-selling is and how to make the claim successfully. That is the only way that you will be able to make your case and win it otherwise the lender will dismiss it if you do not argue a strong case. There are a lot of people who do not know what is PPI and this makes them lose a lot of money through mis-selling by lenders.

It is very imperative for a borrower to understand all terms and conditions of taking out a loan product and if the PPI is being included or not. You can seek advice on what is PPI from a company that knows how to handle PPI claim and claiming it.

Across the UK, most consumers appreciate the benefits a PPI insurance cover provides. Basically, ppi insurance is an insurance policy that covers any loan or credit facility held by a consumer. Should the loan holder fall sick, lose their job or experience any other mishap, then the insurance cover would meet the cost of the monthly premiums until they recovered. This is why most auto loans, home mortgages and other loans get cover using this insurance cover. Payments protection insurance is a useful insurance cover when used well.

The problem is that some banks started mis-selling this insurance cover. Many consumers were wrongly sold the payments protection insurance and bought it either without a full disclosure or with wrong and misleading information. The courts ruled that any customer in the UK that was wrongly sold the ppi insurance cover should be compensated. In order to receive compensation, consumers are required to fill an application form and submit the same to the financial ombudsman’s office.

Any consumer who was informed that they had to purchase ppi or payments protection insurance at a particular location, or that it was a mandatory requirement as well as those who were sold the product without their knowledge are all liable for compensation. Over the last couple of years, many consumers throughout the UK have been receiving compensation for their mis-sold payments protection insurance. According to statistic available, over 95 per cent of all applications for a ppi compensation claim have been successful. The average payout per applicant has been about 3000 pounds. This many is deposited in an applicant’s bank account by the bank responsible for the mis-selling.

Applications for a ppi claims are absolutely free and consumers do not need to pay a single cent. Private firms are however providing assistance to consumers seeking compensation. They assist them determine whether they qualify, what forms to fill, documents to submit and where to mail their applications. The private independent firms do charge consumers for this but using their services is optional and not mandatory. Consumers who believe they may be victims of a payments protection insurance should check and confirm if they qualify.

PPI PPI or Payment Protection Insurance was a brilliant plan that benefited both creditors and lenders. The cover was to help lenders to repay their loans on time even though they were unable to work after being involuntarily dismissed or suffer from injuries andillness. While the cover is a sound policy, it has many clauses; the problem arises when people who are not entitled to the cover are being charged a premium for the policy. Because there was no informed consent, where customers and creditors have a discussion about the policy and the extent of the cover, many had unwittingly paid PPII premium even though they were not covered.

The PPI was included in a loan repayment, and in some cases it will only be stated in the lending contract that the customer has to pay for PPI . Those who are not entitled the cover were being charged extra in terms of repayment cost, and recently the Financial Ombudsman reports that the companies have mis sold PPI to people who will not be eligible for cover if anything bad happens.Customers who fall in to the category of mis sold PPI overs can reclaim the money from the companies.

If you have been incorrectly sold the cover, you can ask for a refund with interest from the company involved. Due to the nature of the incorrect sale, many financial institutions have to issue the refund when you present proof that you have the cover that does not cover you. Some companies will help you recover your lost funds at no cost to you, other might charge you a fee for the paperwork and the process. You can initiate a claim yourself if you are confident, there is no need to go through a third party for a full refund plus interest, which can amount to about three thousand pounds.

PPI is an insurance protection taken to cover monthly payments on loans, mortgages, credit/store card debts and hire purchase agreements when the policyholder is unable to work due to unemployment, sickness, accidents or redundancy. The insurance cover protects customers when they are unable to continue with regular repayments due to unavoidable circumstances to ensure that they do not default.
The insurance company pays the bank and other credit providers for a specified time giving the customer time to find a job or get treatment without worrying about the loan, mortgage and credit/store card repayments. If this PPI is not taken the policyholder might be subjected to financial hardships when calamities strike. The home and other assets such as the car kept as collateral for the loan or mortgage might be sold to pay the debts.

In the past, the PPI cover was added up-front to loans and mortgages as a Single Premium Policy lump-sum and to credit card monthly payments without informing the customers who were unaware they were paying for it. In other instances, the customers were given incorrect or misleading information and were therefore paying for a cover that was not necessary or which they could not claim on due to exclusions of pre-existing medical problems, self-employment and unemployment which made the claims invalid. Only about 4% of customers claim PPI meaning that most customers who were paying PPI did not need it or could not claim on it.

PPI should be optional and it must be fully disclosed to the customer and all the information explained before signing the loan or credit agreement. The customers should commit themselves to take this cover willingly after weighing all the options including buying the policy from other cheaper sources. We assist clients make claims and we have done so for many years winning cash refunds for our clients. You can win over 3,000 pounds for mis sold Payment Protection Insurance cover if you use our No Win No Fee service. We do not ask for upfront payments and there are no payments made for unsuccessful claims.