PPI Claims

What is a PPI Claim?

Anyone who has taken out payment protection insurance (PPI) on a loan in the past ten years, there is a high chance they were forced to pay an extortionate amount for their cover and could be entitled to a refund. PPI is usually sold with loans, credit cards or mortgages and promises to cover monthly repayments for borrowers in the event they fall sick or lose their jobs and are unable to pay. However, the Financial Services Authority recently began fining a number of banks and loan providers for mis-selling PPI policies that are expensive and offer little real protection - meaning many people could be entitled to PPI refunds. On a loan of £10,000, borrowers could be able to make a PPI claim for as much as £2,000, although the exact figure will vary.

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The cost of PPI charges

According to Citizens Advice Bureau research, PPI can add as much as 56 per cent to a person's repayments. That is a significant amount to be placed on top of monthly bills, particularly as most PPI policies come with a number of exclusions. Credit card companies, for example, make money by charging people for late payments, but also for payment protection fees on top of this. Similarly, with PPI potentially adding more than half to repayments - and mortgages costing the average homeowner over ten per cent of their income, according to the Council of Mortgage Lenders - homeowners could find they have spent vast sums on PPI.

However, many paying for PPI will find that they are actually excluded from a payout should they need it. People with pre-existing medical conditions, in temporary employment or who were about to finish work when taking out their cover for any number of reasons would likely find that they are not entitled to cover despite having paid for PPI. Also, some self-employed people will find that they have been paying for cover that is not actually suitable for them, while many will have had an existing policy that already provided them with the same level of protection. A number of banks and loan providers have already been forced to pay large fines for mis-selling PPI, with Alliance and Leicester being charged £7 million and HFC £1 million. Payment protection refunds

Consumers may also wish to make a PPI claim if they felt pressured into taking out PPI, were not made aware of how much it would really cost, thought it was included in the loan or received sick pay from work. It could also be the case that consumers were forced to opt-out of taking PPI cover by ticking a box on their loan application, rather than being encouraged to opt in - if this is the case, they would be within their rights to apply for PPI refunds. There are many reasons why people may be eligible to make a claim, but there is a time limit on how long after a loan is taken out that they can do this, so it is important to make a claim as soon as possible.

Also see: Can I claim back my PPI?

How can I make a PPI Claim?

It is easy to make Mis-sold PPI Claim with us. Simply call our PPI Claim line on 0845 519 6093 and speak to one of our PPI Claims handlers or alternatively complete our quick ppi claim form and one of our friendly PPI claims handlers will call you back.

Start your PPI claim today it could be worth £0000,s