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Can You Claim Back PPI

A decade ago most of us never even knew there was such a product as payment protection insurance but within a matter of a few short years it snaked its way throughout the entire lending industry and now it has become one of the greatest scams of all time. Of course it is huge in the UK but we forget that this unscrupulous practice has made its way into other countries as well. The problem is, once you have been mis sold payment protection insurance, PPI, the process for getting rid of it is time consuming and more than a little difficult in most cases. Can you claim back PPI? The answer to that lies in whether or not it was sold as a legal insurance product or if your lender broke the rules.

Breaking the PPI Rules

Even before government stepped in with new, harsher rules and regulations on PPI there were rules in place, just as there are for any other insurance or financial product. Don't let your lender tell you otherwise. It was always illegal, unethical to say the least, to force someone to buy insurance or sell it to them without their knowledge. Mis selling PPI is categorized as any time the lender breaks the rules when selling it to you. So if you are questioning, “Can you claim back PPI?” the answer would be, theoretically you can if it was mis sold to you. Breaking the rules constitutes mis selling, but that is only the beginning of a struggle to get back what is rightfully yours, your money!

Can You Claim Back PPI That Was Not Mis Sold?

If the lender followed all the rules when presenting payment protection insurance to you then technically you have no right to file a PPI claim. You could request cancellation but that would be up to the lending institution's policies and if you are allowed to cancel your insurance cover then you most certainly wouldn't get to claim it back. In fact, if you were allowed to cancel you might even be assessed a hefty cancellation fee as well. The point is, unless you were mis sold PPI you are not covered under recent legislation that mandates lenders allow you to claim back PPI.

Even though you have gone through the determining steps and discovered that PPI was indeed mis sold when you took out your loan, it may not be easy to claim back your money. There are claims procedures to be followed and lenders to contend with who don't willingly like to part with money, even if it is yours in the first place! The best advice here would be to contact a PPI claim company to file your claim for you. You simply need to make that first phone call and ask them, “Can you claim back PPI?” They will walk you through the steps to ascertain whether or not it was mis sold and they most likely send you a claims packet to complete. Once they have received your info by return post you can let them do the fighting to claim back what is yours. That's the easiest solution and the one millions of consumers are having success with.


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