How to reclaim all your Payment Protection Insurance (PPI) with Interest!

The next big misselling scandal is just aroud the corner. You’ve all probably heard about getting back your bank charges but what about getting back your Payment Protection Insurance (known as PPI) back. The Finance Industry has been selling PPI for years and it is claimed that approximatley 70% of all policies sold were missold!! This adds up to Billions in premiums on policies that probably will never pay out even if a calim is made. In fact figures show that only 4% of policies have ever paid out! These policies were sold alongside, loans, mortgages, car loans and other finance packages. The premiums are most commonly lumped together and added to the loan up front therefore increasing the monthly payments - also you would have been charged interest on these premiums.

Claim back mis-sold payment protection insurance

Most people do not even know they have a policy, they were never asked if they wanted it and all the regulatory checks that shoiuld have been done to ascertain if the policy was required or fit for purpose were never done. The policies attrcated huge commisions for the companies selling them and in most cases they made more money from the PPI policy than from the actual loan itself.

Now getting back these premiums is not as easy as it was for getting back your bank charges. There is a much more difficult process to go through and the Finance institutioins will put many obsticles in your way to stop paying you back. If you meet any of the following criteria you probably have a valid claim:

  1. First you need to check your Loan agreement. It will say on there what if any the premiums are for the PPI policy. If you cant find the agreement dont worry. Write to the bank or lender and request a copy of the agreement. they can legimatley cahreg you £1 for this. If they cant find the paperwork then Bingo you have a claim becuase without the original agreement they cant defend the claim.
  2. When taking out the loan you should have been asked the following questions
    1. Were you employed or self employed. If self employed you will never get a payout and you should not have been sold the Policy.
    2. Did they ask you about any medical conditions you had or had in the past. If they didnt ask you and you have had a previous medical condition and you try to make a claim they will look at your medical history and reject the claim if it is related in any way to a previous medical condition. This is a very grey area and the main reason they don’t pay out.
    3. Did they ask you if you had any other insurance or sickness cover already in place. If you were employed and you get 6 months sick pay they wouldnt pay out whilst you were being paid at work. They should have then talked to you about reduced premiums with a longer deffered payment period. Did you have Income protection if so they wouldnt pay out whilst this was paying out
    4. Were you told that your application would be looked on more favourably if you took out the PPI
    5. Were you told that PPI was mandatory to get the loan
    6. Were you told that you could pay the Policy monthly, which would be a cheaper option as you would not be paying interest on the lump sum premium
    7. Were you told that you could buy PPI from another provider as a standalone product. This is generally much cheaper
    8. Was the PPI policy period the same as the loan term. I.e. you took out a £10,000 over 10 years but the PPI only covered you for 5 years.

 These are some of the standard qusetions that you should have been asked. In 99% of cases they were never brought up. Most people get a loan because they need the money and will accept the terms from the lender.

If you think you have a claim you can got to all the forums and try to do it yourself, but having worked in a claims management I know that it is not easy and can take a long time. There is a better way. Use a Claims Management company. They will handle the claim from start to finish and you have a much better cahnec of getting your money back. These compnaies know the exact way to structure a claim and their sucess rates are very high.

Having been in the business I would reccomend using Brunel Franklin. They have thousands of happy clients, they are very proffesional and will get you your money back.

Claim back credit card charges - it's easy.

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