If you have taken out a mortgage, loan or credit card in the last ten years, you may have Payment Protection Insurance (PPI). Many UK consumers are still unaware that they can reclaim payment protection insurance if it was mis-sold
This type of insurance is usually sold by lenders alongside loans, credit cards and mortgages as a way of giving peace of mind to consumers in case things go wrong during the repayment periods of each particular lending agreement.
Mis-sold PPI is more common than people realise but if you think you have been a victim then reclaiming payment protection insurance is your right. Obtaining a PPI refund normally takes between 10 and 12 weeks although in some more complicated cases, lenders may contest the claim and therefore the complaints may need to go through the Financial Ombudsman complaints procedure before clients can obtain their PPI refunds.
The Financial Services Authority (FSA) estimate the number of mis-sold PPIcases over the last decade run into the millions. Customers were routinely sold insurance that didn't suit their needs and they were provided with incorrect or missing information at the time of the sale. You can reclaim PPI if it was mis-sold even if the account is closed or the finance has been paid off. You can also claim back PPI if you were unemployed, retired or self-employed at the time of taking out the insurance.
PPI reclaiming is becoming more and more known about and there are thousands of people putting in their cases to claim back PPI so therefore if you feel you may have a case then you should submit a complaint before the queue grows too long.
Reasons for making a claim include:
You were not made aware that cheaper cover was available elsewhere
You were sold PPI you didn't need
You were told it was compulsory
You were told you'd stand more chance of getting the loan
You weren't even aware you had it
Reclaiming PPI if you think you were mis-sold is your absolute right and therefore if you feel you have been a victim then don't put off your PPI claimingany longer.