I Want My Ppi Back

If you have taken out a financial product in the last ten years such as a mortgage

, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold.

Over the last decade, lenders have generated estimated revenues of 3bn by being able to avoid making payouts when necessary. Despite acting on a vague technicality they have been deemed to be in breach of financial practice and have faced investigation from the authorities. Many high street lenders have been slapped with fines of up to 7m and stand to lose much more from refunds.

The scale of this rip-off was fuelled by commission hungry salesmen who would often stipulate if you did not take out the PPI, you could not have the loan, which is wholly untrue. Some lenders only mentioned the purchase of PPI in the small print and by signing the contract you implicitly agree to pay for it, despite not being included in your original quote.

Many consumers where ineligible for PPI from the start but have still been paying for it, for example those above the age of 65 you will not be able to make use of PPI as they are above the age of retirement. Anyone who has paid for PPI over this age is legally entitled to a full refund. Those who are self employed are considered to be in a less stable financial position than someone in full time employment and will not qualify for payment protection insurance, however, lenders will be more than happy to offer it to them with no intent to pay out.

If you have been mis-sold PPI like this or in any other fashion you are probably entitled to a refund, although you will have to chase the banks for this and it is often easier to het the help of a legal professional.

by: Paul Myers.

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