Many people are making free ppi claims.
So why not YOU? You don’t need a claims company to ask you lender to refund your payments either.
Many people have fallen prey to mis-sold PPI or payment protection. Lack of information on appropriate steps to take to make claims for payment protection has seen many of such people suffer financially as a result. To be able to make a valid claim for payment protection mis-selling, you need to have basic information regarding the same.
Most lending companies make false representations to their clients making them believe that they require the PPI loan protection insurance when actually they do not. In other cases, some financial firms make payment protection appear compulsory while it is actually optional and only for those who really need it.
Usually, any PPI policy that is sold together with a loan application is always more expensive than an ordinary policy.
Not only will the premiums that you pay monthly which will be higher, but also the premiums will be included in your loan without prior warning from the credit provider.
It is important to note that no credit provider has a right to force you to take up an insurance that you are not comfortable with. Mainly, people take payment protection as a form of protection if they are not able to cover their monthly payments. This could be as a result of unemployment, illness among other circumstances.
There are many ways in which payment protection insurance can be mis-sold. The most common way is where a financial lender will add payment protection to a customer’s credit card without informing the latter. Some lenders add this insurance to a loan or mortgage without making the customer aware. In some cases, customers are forced into believing that having payment is compulsory or that taking payment protection will increase their chances of obtaining a loan. All this amounts to mi-selling and you should be on the lookout for such. Frequent checking of your credit card will help you know if there are any premiums being deducted without your knowledge.
If you are not sure of how to go about it making claims for mis sold PPI /payment protection , you can approach various agencies that specialize in this kind of work. They will make the claim on your behalf and follow up until you get the compensation. Usually these companies do not charge any form of fees until your claim is successful. This means that the claim does not succeed, you have nothing to lose.
Claims for payment protection insurance are worth quite an amount and therefore once you have realized that a policy was mis-sold to you, it is important that you make your claim. You will not only be refunded all the premiums that you have paid but in addition, you will be given an interest of 8% on all the premiums paid. Ensure that you have all the information you need regarding claims for PPI to avoid getting a raw deal on a loan or mortgage.
Example PPI Claim Letter
Date
Lender Address Your Address
Dear Sir or Madam
Re; Account Number
Customer Name;
We/I purchased a payment protection insurance policy from you in ——————–
The account number is stated above. We/I have recently become aware that we/I were mis-sold the insurance policy for the following reasons:-
- We/I did not request the ppi policy and felt pressured into buying it.
- We/I were lead to believe that the ppi policy had to be provided by you in order for us to get the loan and that it was compulsory
- We/I were not informed we/I could buy the insurance elsewhere and that we/I could potentially find it cheaper.
- We/I did not have the separate costs of the PPI policy and the loan explained to us.
- We/I did not have the exclusions and restrictions on the policy fully explained to us.
- The terms and conditions of the ppi and there importance were not fully explained
- We/I were not told the sale would generate a sales commission.
- We/I were not asked if we/I already had insurance to cover the repayments and finally,
ADD YOUR OWN REASONS HERE IF APPLICABLE
Unless you can justify to us that the policy sale was fair and reasonable we are requesting a full refund of all premiums paid and the subsequent interest on these payments.
We expect that 8% statutory interest, the amount a court would award in such a situation, to be added to each payment awarded to us a total of £……………………….
We look forward to a full and prompt response and for the matter to be concluded in eight weeks or we shall contact the Financial Ombudsman and request we/I investigate the complaint further.
Yours sincerely,