Have you taken out a mortgage or loan in the past? Were you also asked to buy a payment protection insurance (PPI) policy too? If so you could be among the thousands of people who are entitled to make PPI claims for the charges on policies that have been mis-sold. The scandal is a well publicised one and is less complex than you might think at first, and here we are going to explain the basics in as simple terms as possible. Read further, and you may find that you can claim back charges that you should never have paid.
The PPI Claims Scandal – What’s it all about?
Payment protection insurance is designed to keep up repayments on a loan or mortgage in specific circumstances. Generally the policy will come into play in the event of involuntary redundancy, but sometimes it can also apply to loss of earnings through accident and/or illness. The problem with PPI claims came about a few years ago when it was discovered that some lenders were selling PPI policies to customers without explaining them properly – and in some cases, without explaining them at all! There have always been strict regulations surrounding such policies, and it is now against the rules to sell PPI at the point of sale of a loan.
How do I Know I’ve been mis-sold PPI?
There have been several instances of mis-selling,including the following: failing to explain to the customer their right to shop around for a good deal; leading the customer to believe they would only get the loan with the lenders PPI package; selling policies that were not applicable to the borrower; not informing the customer that they were being sold PPI. If any of these applies to you then the likelihood is you have a very good chance of putting a successful PPI claims case to the courts.
How Do I Make PPI Claims?
It is very simple to claim back mis sold PPI charges; the first thing you need to do is look online for a PPI claims solicitor to handle your case. You should find an expert in the field who will give you a no win – no fee deal or guarantee you 100 percent compensation. The added advantage of having a professional on board is that you stand a greater chance of success. It only takes a few minutes to get your claim underway, so why not contact a solicitor right now to discuss your claim? [Continue reading]