If you have had a loan, mortgage or credit card then the unfortunate fact is that you might have been Mis Sold Payment Protection Insurance. Lenders in the UK Mis Sold PPI at an alarming rate and now they have to pay it back. It is estimated that there are as many as 31 million Mis Sold PPI policies in the UK which will cost lenders as much as £12Billion pounds. Since lenders gave up on their high court battle fighting against the refund of mis sold insurance policies they have set aside billions of pounds so that they can compensate consumers who were ripped off. If you have been mis sold payment protection insurance there has never been a better time to start your claim.
How do I know if I was wrongfully sold Payment Protection Insurance?
Lenders in the UK Mis Sold PPI on millions of credit agreements. Some say it was greed and some say it was error but the fact remains, lenders mis sold ppi. Lenders Mis Sold Payment Protection Insurance to consumers who did not want, need or ask for it. If you have had this costly insurance policy on either a loan, mortgage or credit card you might have been ripped off and you could be entitled to reclaim the premiums you made towards the policy. Below are a number of possible scenarios which will give you grounds to claim back mis sold payment protection insurance.
• You were pressurised into taking it.
• You were Mis Sold Payment Protection Insurance if you were self employed when sold it.
• You were Mis Sold Payment Protection Insurance if you were told it was compulsory.
• You were told you had a better chance of getting your credit if you took the ppi.
• You were Mis Sold Payment Protection Insurance if you were working part time or on contract when sold ppi.
• You have been Mis Sold Payment Protection Insurance if your medical details were not taken when sold ppi.
• You discovered you were paying ppi without knowing you had it.
• You have been Mis Sold Payment Protection Insurance if you were under 18 or over 65 when sold it.
If the sale of your ppi falls within any of the above categories or many others you have probably been ripped off. You could be entitled to claim back mis sold payment protection insurance to the tune of thousands of pounds.
How do I claim back Mis-Sold Payment Protection Insurance?
Firstly, you will need to find out exactly how you have been ripped off. In order for youo to do this you will need to contact a company that is dealing with mis sold insurances.
Once they have received your contact a personal claims advisor will review your case at no cost and no obligation to see if you have been Mis Sold Payment Protection Insurance. If your claims handler advises you that you have been Mis Sold Payment Protection Insurance they will start their claims process and send you their claims pack.
Is the process to claim back Mis Sold Payment Protection Insurance complicated?
Many companies understands that form filling can be a nuisance so they have simplified their claims process for Mis Sold PPI. All they will need from you is to sign, date and return their claims pack so that they can act on your behalf and reclaim your premiums.
How long does it take to claim back Mis Sold Payment Protection Insurance?
Right now the claims process for Mis Sold Payment Protection Insurance takes approximately 12 weeks. They will often have cases settled far quicker than this but this is the current time frame that a lender has to respond to a claim for Mis Sold Payment Protection Insurance. This claims process will be reduced to 8 weeks later.
What is the average refund for Mis Sold Payment Protection Insurance?
Right now the average refund for Mis Sold Payment Protection Insurance is £3,000. Cases can vary depending on the type of credit and the duration of the ppi but this is currently the average settlement amount.