Your PPI Claim Entitlement

PPI mis selling is a bigger problem than a lot of people may first think. It is estimated by some that banks are making around £5bn a year by mis selling Payment Protection policies. Some people that believe they have afforded themselves protection against illness and redundancy have found that they are unable to cover the cost of loan and credit agreements. Yet more people have discovered that they have been paying Payment Protection unknowingly since the start of a loan or even their mortgage.  

Refunds

In many cases of these types, consumers are entitled to make a PPI claim to receive a refund of the premiums they have paid as well as annual interest and even some degree of compensation for any losses or hardship.  

Have You Paid PPI?
 
The first step to making a PPI claim for a refund is to determine whether you are or have been paying it in the first place. Check your insurance policy and any other details you can find and ask your lender for a detailed breakdown of costs and charges that are included with your monthly premium. Some consumers were not informed at the time of sale that PPI was included in the agreement.
 
Are The Policy Terms Suitable?

Check that the PPI term matches that of your loan or other credit agreement. The Payment Protection policy should last exactly as long as your loan or credit card repayments. If it is shorter or longer then there is a good chance that you can make a successful PPI claim and get your money back.

Were You Suitable For PPI?
 
Check whether the policy was suitable for you. A lot of Payment Protection policies are not suitable for people over a certain age, for students, or for people that were unemployed at the time the policy started. However, lenders still sold the PPI packages to these people; another possible case for a successful PPI claim.

Making A PPI Claim

These are just some of the ways in which you may have been mis sold payment protection and if this is the case then you may well have a legitimate case for a PPI reclaim. 

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About the author

Contact Gladstone Brookes Ltd to discuss your PPI claim and to determine whether you were mis sold PPI and have a viable case to file.

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