Mis Sold PPI: How To Reclaim Mis Sold Payment Protection Insurance! ...In Less Than 8 Minutes!
Challenge My Credit has campaigned against the widespread mis-selling of payment protection insurance (PPI)
What is payment protection insurance or PPI?
There are 20m payment protection policies in the UK. Chances are you were mis sold payment protection insurance (ppi). Since 2003 two million people have been mis-sold PPI policies
Challenge My Credit’s online service will provide you the online tools to help you claim your money back.
Mis Sold Payment Protection Insurance (PPI)
Payment protection insurance or PPI was designed to be sold alongside financial agreements. These agreements include credit cards, store cards, other financial agreements such as car finance and mortgages. The PPI is supposed to start if you are in an accident or become ill and you are no longer able to work and meet your financial commitments. The PPI is supposed to cover the payments for the period.
The issues!
- The cost outweighs the benefits if the wrong insurance product is sold to you.
- PPI may have been sold to you and you did not qualify for the product. Most policies don’t cover Self-employed or retired people.
- The policies will not pay out if you have a medical condition before you took out the policy, even if you were not asked of any conditions. This includes stress of back conditions.
- One out of five policies actually are successful.
- It is know that firms claim that PPI is compulsory when it is not and often refusing to give a quote without the PPI Policy
- PPI insurance has been known to be added without the permission of the client.
- The list goes on about the Mis-Selling of Payment Protection Insurance. The FSA has spotted this problem and is taking massive action against firms that have mis-sold PPI. Large fines have been issued to offending companies.
- Has this stopped these firms selling PPI?
- Have you fallen foul and been mis-sold PPI?
- 3 Steps To Process Your Online Application To Reclaim Mis Sold PPI!
- Can I reclaim on any PPI policy?
- You can only claim for policies that where taken after January 2005. Any sales before this are not covered by the latest laws
- How do I find out that I have taken out PPI?
- Check your bank and credit card statements for any PPI payments coming out
- Find the account and date the policy was taken out.
- Contact your lender if you don’t have copies of the documentation and to find out if you have.
- If you were not employed, self employed or retired at the time of taking the policy, you have a claim.
- If you had a medical condition at the time of taking the policy, you have a claim.
- If you were sold a 'single premium' policy – where the whole cost of the loan is paid for up front with money that is also borrowed at the same interest rate as the loan – you should at least be able to get a refund by cancelling the PPI. If you cancelled or repaid the loan early, but were unable to cancel the PPI, then you can claim for a refund.
- If the refund you were offered was only a fraction of the cost you paid, you can claim to get a fair refund.
- If the entire cost of the PPI was not explained to you.
- If you were told the insurance was compulsory it is likely you can claim
- If other important features of the loan were not explained – for example, the terms for cancelling the cover or significant exclusions such as stress and back problems – then you can claim.
How much will I get for a mis sold PPI Claim?
Each and every claim is reviewd by our panel of solictors. Once you claim proves to be legit; you will be contacted by the solicitor. The case will be discussed with you and the solicitor will discuss the size of the claim with you.
