PPI Reclaim

PPI, or payment protection insurance, has been much in the news lately, and you may be at an advantage if you have at hand all of the PPI information you can find. Like many areas of the financial arena making a PPI reclaim can be complex and confusing to understand, but in reality the concept is quite simple. What you need to know is why it has been such a hot topic of late, and how this may have affected you. The first thing to do is to check if you have any PPI policies – if you have recently taken out a mortgage, a loan or obtained a credit card you are likely to have one or more – and then to look at the reasons behind the recent surge in interest.

There is much PPI reclaim related information available and all of it may be of interest to you. As a brief introduction, here’s what all the fuss is about. PPI is a branch of insurance that is associated with loans and lending. When taking out a loan you will be asked to pay into a policy that ensures that, in the event of certain circumstances – illness, accident or redundancy among them – precluding you from working you will still have a monthly, tax free sum which will enable you to pay the outstanding instalments on your loan. To get your PPI reclaim started, give our team a call now on 0800 840 7292 or if you prefer, fill out the quick and easy form and we’ll get back to you with a compensation quote.

This is, as you can see, a very useful policy to have – many would say an essential one – but the concern in the market has arisen over the existence of instances of mis-selling. A few years ago the Financial Services Authority conducted an investigation on the back of several complaints, and found that there were serious flaws in the selling of PPI policies. Some people had been sold policies that did not apply to them, others had been led to believe they would only be granted a loan if they took out a particular policy with that lender (something that has never been required – you can shop around) and others discovered they were paying into PPI policies they did not know they had.

As a result of uncovering the eligability for a PPI reclaim cases a number of famous brands were fined for malpractice, and a widespread revision of the rules and regulations surrounding the selling of such policies was undertaken. As a result it is now against the regulations for lenders to sell PPI policies at the point where they agree to a loan, and a period of seven days must pass before one can be sold at all.

If you suspect that you have been a victim of mis-selling and could make a PPI reclaim you need to gather all the relevant PPI information you can – the policies and the information that goes with them – and have a professional investigate your case – you could be in line for compensation. If you’re ready to make a PPI reclaim and get your payments back, all you have to do is call our specialist team on 0800 840 7292 or fill out the quick form above to get your ppi claims started.