Payment Protection Refunds
More people than ever are making claims against their bank or building society as payment protection refunds continue to rise. Last year The Financial Ombudsman Service reviewed 49,196 claims a massive 58% increase from the previous year.
Could you be entitled to claim a Payment Protection Refund?
If you were mis-sold an insurance policy alongside your loan, mortgage or credit card then there is a very good chance you could make a claim. Remember, there is no limit to how many Payment Protection Refunds you can claim.
Was my policy mis-sold?
There are many reasons why an insurance policy may be mis-sold and why you may be entitled to a Payment Protection Refund. Some of these reasons include:
- The full cost of the policy was not explained.
- The terms and conditions were not made clear.
- You were in full time education, self-employed or retired.
- You were over the age of 65.
- You were not asked whether you had pre-existing medical condition.
- You had cover in place elsewhere or were entitled to sick pay from your employer.
- The policy was added without your knowledge.
- You were lead to believe that taking out the cover would improve your chances of your loan/credit application being approved.
- You were not told the cover was optional.
If you believe you may have been mis-sold insurance and may be entitled to a Payment Protection refund simply fill out the quick claim form on the right-hand side of the page and we will send you everything you need to get started. We specialise in mis-sold insurance claims and have already helped thousands of customers reclaim Payment Protection Refunds.
Need more information? Then call our customer care team on 0207 471 2000.
Have you taken out a loan, credit or store card, mortgage or hire purchase agreement in the last 10 years? If so then it is very likely you may have been sold a Payment Protection Insurance policy. There has been a lot of controversy recently surrounding this type of cover and it is possible your policy may have been mis-sold and you may be entitled to PPI refunds.
The controversy surrounding PPI first began five years ago when The Office of Fair Trading and The Financial Services Authority investigated the sale of this type of insurance. Their reports found serious failings within the industry and many well known lenders faced heavy fines. As a result of these reports, and the subsequent condemnation of the industry, many people can now apply for PPI refunds.
Payment protection Insurance is designed to cover repayments if a borrower is unable to work due to redundancy, accident or injury. Sold as standalone policies or incorporated into the loan, the cover effectively insures the policyholder against the liability of the debt should their circumstances change. The trouble with Payment Protection Insurance, though, is that it rarely offers the protection people expect and it has been widely mis-sold - because of this many people have complained and received PPI refunds.
Most people take out Payment Protection Insurance believing it will offer them security. Unfortunately, for many people, when they need to use the policy, they discover that security isn't there. Most people do not realise that, although very expensive, many payment protection insurance policies only cover the minimum repayments on the loan or credit card. In addition, policies will only usually payout for a maximum of one year. As a consequence of this, many people have complained and received PPI refunds.
Another issue with PPI is the high number of exemptions. Many policies do not cover common medical conditions such as stress, depression and back pain. Other policies exclude certain forms of cancer and common situations such as relationship breakdown. In fact, the high level of exemptions mean that as little as 15% of people who attempt to make a claim against their policy for financial help are successful. It is hardly surprising, therefore, that so many people apply for PPI refunds.
The most common reason that people make PPI complaints is because they believe that the policy was fundamentally mis-sold to them. This may be because it was added without their consent, or because the terms and conditions were not clearly explained or because their personal circumstances meant they were unsuitable for the cover and they would be unable to use the policy. Unfortunately, many policies were mis-sold, but fortunately customers have the right to complain and request PPI refunds. If you believe your policy was mis-sold, fill out the quick claim form above.