Reclaim PPI
Many consumers are eligible to reclaim PPI premiums that they have been paying on or that they paid for in the last five years. Many people got themselves involved with such premiums unknowingly when they got a loan or they used a particular credit card. Lenders don’t have the right to mandate such cover but many have been known to give that impression to consumers.
They were led to believe that if they didn’t buy such cover their loan or their credit card application would be denied. A common method of lenders is to add the PPI cover into the cost of the loan. They fail to explain to the consumer that they are adding on costs for something that isn’t required.
Some individuals were sold PPI cover even though they didn’t meet the eligibility criteria at that point in time. In order to successfully get funds from a claim a person has to be working. If the consumer wasn’t working due to retirement, medical problems, or by choice at the time they got the loan or the credit card then they weren’t eligible to file such a claim. That insurance program should never have been one they were offered based on the criteria.
Make a list of all the reasons why you feel that you have a legitimate mis sold PPI complaint to file. Find out who the lender is as it may not be the company you worked with. They may just be a third party that offers the insurance cover as a way to make additional commissions. Letters are available online that you can use to guide you to getting the right information into that written document.
Should that claim be denied, then you should continue to pursue it. Be aggressive when it comes to getting your claim evaluated. Make sure you have written records to back up your information that was submitted.
There are a variety of scenarios out there at allow for consumers to successfully reclaim PPI premiums and the interest. You may be eligible to do so for your entire price or a portion of it. The process for exploring this is one that is very simple to follow. You can contact the lender directly or you can go through one of many advocate groups that will help you get the funds you are owed.
They don’t charge for such services, they only want to get rid of such unfair practices out there. In fact, they often strive to get you back up to 8% interest in addition to what you paid in. Most lenders are willing to pay it too so that the case doesn’t involve the law. A judge would award that interest and the entity would also have court costs to pay as well.
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- Claiming PPI
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- PPI Guide
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- PPI Mis Selling
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