Claim Back PPI

Article Written By: Gareth Hoyle

Thousands of people in the UK have started to claim back PPI. PPI is payment protection insurance which is an insurance plan put together for the sole purpose of protecting a person when they take out a loan or any form of credit agreement. For example if you take out a loan and for some reason you find yourself out of a job or become sick and you can no longer go to work, payment protection insurance has been put in place to make sure that you are covered.

However this all sounds like something that is fundamental when taking out a loan, many are now sceptical about payment protection insurance due to the fact that thousands of people have been mis sold policies. Many high street banks have been pin pointed for mis selling payment protection insurance recently, and it has even been in the news and has gained a lot of publicity.

One of the reasons why the whole mis sold PPI has become so popular is due to the fact that the Financial Standards Authority have put forward new guidelines to regulate how the banks sell payment protection insurance as well as how they rectify the thousands of mis sold payment claims.

There are some high street banks who have opposed the decision to change the way the banks do things, however they are being ordered to pay out at least £5billion over the next five years. It has been estimated that over 2 million people are going to put in claims to gain compensation for being sold a payment protection insurance policy that should not have been sold.

Pensioners for example should never be sold, and they have become major victims of mis sold PPI. Due to the fact that some advisers just miss out vital information when selling these policies in order to gain commission from selling the policy.

For example if you entered into an agreement and before you signed the paper work they did not give a full run down of the terms and conditions of the contract that you were signing, as well as all the financial details, then you could have been mis sold a policy.

Most people that claim back their premiums don't just get them back they also get some more money as compensation. The pay-outs could range from a few hundred pounds to a few thousand pounds. Therefore it is worth looking into it to see if you could get some money back. You need to think about the manner in which you were sold the policy as well, if you feel like you were forced into purchasing the policy then this is classified as a mis sold policy.

You should either contact the bank that sold you the policy and make an official complaint, or you could seek the help of a professional claims advisor. Professional PPI claims advisers will be able to look into your claim and actually tell you if it is worthwhile fighting the case. They can represent you and claim the money on your behalf.

About the Author

Do you need help to claim back ppi? Gladstone Brookes can help you out. See details on how to claim back ppi here.

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This Article Has Been Published on Wed, 24 Nov 2010 and Read 109 Times

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