Think You Are Stuck With A Mis-Sold PPI Plan … Think Again!

If you have ever signed on the dotted line in the UK, you might have been asked (or required) to add a Payment Protection Insurance (PPI) plan to your loan. There are times where a PPI plan is a good idea, and there are times when it not only is a bad idea, but not required. Some “less than reputable” companies actually force their customers into adding a PPI plan to their loan. Other, may not require it, but they do not divulge all the information that the customer needs to know. So, what is the problem with having a PPI plan? The problem is that you are losing money! If you have ever been the recipient of a mis-sold PPI plan, you are literally throwing away money.

Do I Have A Mis-Sold PPI Plan?

So, now you are asking whether you have a mis-sold PPI plan. Well, we can help get you started with that. The Financial Services Authority (FSA) has set up regulations that all lenders in the UK must follow. Below, we will highlight some of the most common “regulation failures” which can mean you are eligible for compensation (a refund).

1. Added Without Your Knowledge

Sure, we are all supposed to read the fine print thoroughly, but who has a couple of extra hours to read through all the legal jargon. Also, who really understands the legal jargon … is it mostly just the lawyers? Well, sometimes these “less than reputable” lenders slip the PPI plans into your loan without your knowledge. This helps them out by increasing their bottom line, but it does not benefit much (if at all).

2. Required For Loan Acceptance
Some lenders will tell their clients that a PPI plan is necessary for their loan to be approved; this is false information and you could be eligible for compensation. It is very rare that a PPI has to be added to a loan, so if your lender states that you need this for approval, ask them for information/laws which state that.

3. Convinced That Having PPI Would Help Chances Of Being Approved

We do not all have perfect credit. Because of this, some companies use this to their advantage. Adding a PPI plan does not help your chances of being approved. Some companies have convinced clients that adding the PPI will help them feel more comfortable with them because of their “less than stellar” credit. Sadly, if they convince you of this, you are just paying extra when you did not have too.

4. Were Not Informed They May Already Be Covered

Not everyone needs another insurance to cover their loans. Sometimes they are already covered with an existing insurance plan. A lender is required to ensure the client understands this. If they do have an insurance plan, they may already be fully covered. However, a “less than reputable” lender may not divulge this information to their client, leaving them paying more than they should have from the start.

If I Fit Any Of The Above, Does This Entitle Me To A Refund?

Now, the above list only discussed the most common reasons for refund eligibility. Just because you do fit into one of the above category, this does not guarantee that you are entitled to compensation. Again, there are many laws set by the FSA that a lender must follow. If they do not follow these laws, then you very well could have a mis-sold PPI plan.

If you believe you have been mis-sold, then you need to immediately seek out compensation. There are several reputable companies that work with clients of mis-sold PPI plans every single day. They are well versed in the laws, and bylaws, necessary to represent you effectively. Sure, you could spend your time trying to get your money back, but why throw money at money. Let someone else work on your behalf while you continue your day-to-day activities. Of course, if you like having a headache every day, go for the gold! If you do not like headaches, leave it to a professional claim representative from www.theatrebookings.co.uk.

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Why Claim Back Your Mis Sold PPI?

Before we look into the process of reclaiming a Payment Protection Insurance, here's a quick overview of what PPI is, how to identify if you are paying for PPI and how to identify if you have been mis-sold PPI. Payment protection insurance (PPI) is a form of insurance to make sure that borrowers can keep up repayments on mortgages, loans, credit card, store cards and other financial products if they face financial hardship. The majority of payment protection policies have exclusions. Being in part-time employment, suffering from a pre-existing illness, or being retired or self-employed could all mean cover is not suitable.

Payment protection comes in 2 formats. It could be a standard policy that does not put into consideration the age, work, gender and health condition (smoking habit) of the individual. The next option is age related. A payment protection plan pays out a tax-free sum of money each month after you have been out of work for a set period of time.

The problem with PPI is that it was often sold to individuals who had no real need for the insurance and sometimes sold to people who would not even be able to claim on the policy. Some major banks have already been fined substantial sums for misselling PPI policies. It's true to say that the misselling of PPI products has landed many banks in a lot of trouble. In many cases of this mis-sold PPI, the lenders would lie and tell the potential loan borrower that they would not be granted a loan without purchasing the PPI. 

If you believe you may have been mis-sold a PPI policy, you should complain to the insurance company. You may need the help of an experienced adviser to make the complaint. There are many attorneys who can help you with PPI reclaims. They would ensure that the premium on the PPI is returned as it should have never been sold. There are many online help available for Payment Protection Insurance claims. You could also reclaim PPI through the Financial Ombudsman. But Keep in mind that the process of recovering your money may take a while, requiring much patience on your part. 

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Know How To Reclaim PPI

What is a mis sold PPI? More importantly, what is a payment protection? Payment protection insurance or PPI is an advantage provided to a borrower of money. When you are going for any kind of loan or mortgage or even credit card loan, you will be provided for this option.For years it has been mis sold to people who really didn't need, didn't understand it or were told they had to have it. The problem with PPI is that it has been widely mis-sold to consumers. One way it was mis-sold was that many consumers paid for the insurance without even knowing that it had been added on. Another way it was mis-sold was by not informing the borrower that the insurance was optional and not compulsory.

If you are one among them holding a Payment protection insurance and feel like you have been mis-sold then check it out whether you are able to find satisfactory answers for the questions given below.

·         Are you retired or nearing retirement age while taking out the policy?

·         Have you told that PPI is compulsory or given a surety of other gifts like credit cards or other similar products in the event of taking a PPI policy?

·         Were you clearly explained about the entire cost of the premium in detail?

·         Were you employed while taking the policy?

·         Were you informed properly that you had taken a PPI policy

If you have been mis sold PPI plan, you might be eligible to make a claim. There are two routes open to you in reclaiming PPI

1. Use a claims processing firm/firm of solicitors

2. Do-it-yourself

When you do file your PPI claims, you might be denied the first time. This is typical, once your complaint is denied; you should write them another letter and tell them you will be forwarding your claim Financial Ombudsman.

 There are a variety of specialist claims management companies who offer their services. Most firms work with the win first, pay later policy.  This means that PPI claim firms will charge you only at the end of the deal and if it is a successful deal. This is called no win no fee. You can also claim online using the services of an internet based claims management company.

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