PPI Insurance Refund
Payment protection insurance is something that you will have probably heard of. It is all over the TV, radio, and especially the internet. The majority of us already know about the fact that PPI is incorrectly sold to millions of people in the United Kingdom every year. However, although most people know this, there are still a lot of people who do not actually know what payment protection insurance is or what it does for that matter. It is important that you understand what it is in order to figure out whether you too have been wrongly sold a policy.
If you have taken out a loan or something similar like a credit card at any point over the last decade then you will have probably been offered this type of insurance. Let’s take a look at how this insurance actually works. Let’s imagine that you are working full time in a company that you have worked with for years. There is no reason why you should have to worry about job security or money. Now, imagine that you have started to feel unwell, and you have been told that you have an illness that is going to stop your ability to work.
Obviously, if you have taken out a loan then this is going to be a very worrying and stressful prospect. You would not be able to make your monthly repayments on your loan, which means that you are going to end up further in debt and in very serious financial difficulty. With a payment protection insurance policy this would not be so much of an issue. The policy would pay out a certain amount of cash towards the loan that you have taken out. This will allow you to keep on top of payments, and it will also allow you the time that you need to return to good health.
As you can imagine, for somebody in this situation a PPI policy would offer great relief. In some cases a policy like this will also cover those who have had an accident that has left them unable to work, or even those who have been made redundant. So, this all sounds great, right? Well, there are actually some very serious problems with this type of insurance policy, the main being the fact that it is frequently mis-sold to millions of people all over the country every single year. When this happens, you are entitled to claim compensation. However, first of all you need to establish whether this has actually happened to you or not. This can be quite difficult to do, as there are many things that would indicate that you have been wrongly sold payment protection insurance.
The first thing that you need to ask yourself is whether or not you were lead to believe that payment protection insurance was compulsory when taking out a loan. Unfortunately, there are a lot of lenders who use clever wording to get the customer to believe that they will not be able to take out a loan if they did not sign on the dotted line for a payment protection insurance policy. The thing that you need to be aware of is that payment protection insurance is not, and never has been mandatory when taking out a loan of any kind. You may wonder why lenders would do this. Well, they work on commission. The more policies that they sell with their loans, the more money they are going to get. If this has happened to you then it is time for you to investigate further as you may well have been wrongly sold a policy.
Was the policy fully explained to you before you agreed to take it out? Lenders have a duty to explain every detail of an insurance policy if they are going to try and sell it to you. If they have not explained it properly then you have been misled. One thing that a lot of lenders will do is skip over important parts of the policy such as exclusion clauses. They do this because they know that these exclusion clauses may actually affect your ability to claim. Of course, they are not going to tell you this, because they want you to take out the policy. Again, if this has happened to you then you have probably been wrongly sold payment protection insurance like millions of others in the United Kingdom.
If you think that you have been a victim of the mis-selling of PPI then it is important that you claim for compensation. Are you aware that high street banks have actually set aside a large sum of money for those who have had this happen to them? Unfortunately, a lot of victims feel that there is no point in claiming because they do not think that anything will come of it. However, this is not true. You may have to wait a long time to see any results, but this is simply because the banks are dealing with a lot of claims of the same nature, so patience is key here.
Now, claiming. There are several options that you have if you think that you have been incorrectly sold payment protection insurance and you want to claim compensation. The first thing that you can do is think about claiming the compensation and tackling the company that sold you the insurance off of your own back. There are several steps to this. The first thing that you are going to need to do is to go through the complaints procedure with the company that sold you the policy. You can usually do this by going to their website, but if you want to make sure that your complaint is noted then it is usually a good idea to do this in writing or over the phone.
If you have done this and you have yet to see any results, or your claim has been brushed off by the company then it is time to take it further. You will need to do this through the Financial Ombudsman Service. They will then take control of your claim. So, this is your first option. If you feel that you are capable of doing this on your own then this should definitely be your first choice. Your other option is to get in touch with a ppi claims company. There are a lot of them around, and they are all run by highly experienced professionals who know the ins and outs of the claims process.
A lot of these companies actually work on a no win no fee basis, so they are definitely worth looking into if you feel that you do not have the confidence or know how to tackle the claim on your own. As long as you get your money back, that is the main thing, it doesn’t matter if you do it on your own or with the help of a claims company, either option is fine. There are millions of people who have been wrongly sold PPI and don’t even know it; you could be one of them.