One of the major talking points in the world of consumer finance is payment protection insurance (PPI) and the controversy surrounding it. If you are not entirely sure what PPI is, or what the controversy is all about, read on and we will try and explain in the simplest terms. We hope that we can give you the best advice on how to claim PPI charges that may have been unfair, and to help you get back what you deserve. First, let’s have a look at what PPI is, and how to find out if you have such a policy.
Payment protection insurance (PPI) is an umbrella term that covers a wide range of insurance policies, each of which is linked in some way to credit agreements. If you have taken out a mortgage or a loan, or a new credit card, in recent years the chances are you will be paying a monthly sum into a PPI policy.
The policy is intended to give you peace of mind in the event that you are unable to keep up the agreed monthly payments on your loan. For instance, if you are forced out of work by involuntary redundancy your PPI policy will most likely cover your repayments for an agreed period. Some policies cover redundancy only while others will come into play when you cannot work thanks to accident or illness, and such policies are commonplace.
When considering how to claim PPI it is vital to understand the specific terms of the policy. Some people have found that their policy did not cover them in an instance when they believed it would, and this has been part of the controversy. In the first instance you should check any credit agreements that you have taken out in the last few years, and see if they have a related PPI policy.
The world of consumer credit is heavily regulated, hence when a number of complaints were made a number of years ago about possible mis-selling of PPI policies it raised alarm bells in the industry. The powers that be chose to investigate, and found that many of the complaints could be upheld.
Indeed, what they discovered was that mis-selling was quite widespread, and this meant that many people had been paying into worthless policies, or had been coerced into taking out a more expensive policy than necessary. It was only natural that they would then investigate how to claim PPI charges back in such cases, and the saga began.
The investigation discovered examples of people who were already retired being sold PPI policies that would never be used, but there was one example of mis-selling that was more commonplace. The investigation revealed a great number of cases in which the consumer had been led to believe they needed to take out a PPI policy provided by the lender in order to secure the credit they were applying for.
In fact, it has always been the right of the consumer to look elsewhere for a cheaper deal, yet this was not being made clear at the point of sale of the loan. This is why many people have been paying more than they should, and a subsequent ruling meant they were allowed to claim it back. Furthermore, heavy fines were levied on many well known financial institutions, and the rules surrounding the selling of PPI were comprehensively revised. For the record, it is no against the law to sell a borrower PPI with one week of granting them a loan, giving them plenty time to look for the best policy.
If you believe that you have been mis-sold PPI and are looking to find out how to claim PPI charges back you should turn to one of the many solicitors specialising in this area of the law. Thanks to the level of professional help available it is now very simple to put your case through the courts.
The easiest way to begin your claim is to find a solicitor who specialises in PPI claims online – look for one offering a no win no fee deal for the best service – and fill in the required details in a simple virtual form. They will be able to assist you in all aspects of how to claim PPI, and you will stand the best chance of success. Don’t delay – get your claim underway right now, and claim back what is rightfully yours!
'No Win No Fee' means if you do not win your case you do not have to pay any fees to your solicitor or to us. If you win you will be charged 25% + VAT. There are no hidden costs. In the event you cancel your claim within the first 14 days there will be no cost to you. © Copyright 2011 Oracle Legal Ltd. Authorisation Number: CRM17936
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