Are you entitled to make a mis sold PPI claim, or are you confused by the terms and phrases used in describing the subject? It is your right to claim if you have been wrongly sold a policy and it is in no way as complex as it sounds. Put simply, the banks and other high street lenders have been found guilty of selling payment protection insurance (PPI) in a manner that did not fall within the prescribed regulations. As a result, the rules have been revised, and heavy fines levied on the perpetrators – that is, the banks.
What is PPI?
Payment protection insurance (PPI) is a range of insurance policies that are designed to make sure the policy-holder can keep up the monthly repayments on a loan or mortgage in the event they are ill or made redundant involuntarily. The payments will continue, in a standard policy, for a year or sometimes two, to the lender.
Can I Claim Back my PPI Charges?
If you can prove that you were mis sold a PPI policy then you have a basic right to claim back the cost of that policy, an addition to some compensation. When you took out the relevant credit agreement you should have been told of the need for PPI in clear terms, and you should also have been given time to shop around for your best deal. If this didn’t happen it is a clear example of mis-selling and has occurred in a great number of instances all across the UK over decades. PPI calculator UK can be used to estimate the amount of money that may be repaid to you by the banks. Remember, it is only a guide as there are circumstances that may render the outcome inaccurate in some way, so it may be a good idea to speak to a specialist in PPI claims too to help you get a better idea of your claim.
How to Claim Back Mis Sold PPI
You can make a claim against your bank directly via their complaints procedures. If you want the whole process handled for you by professionals there are many PPI claim specialists available who will do the paperwork and chasing up for you. Most are no win no fee based.
The money has already been put aside by the banks to repay people, its just up to people to make that step to claim it.