Reclaim PPI Premiums
Do you recall being sold an insurance policy along with a personal, business, or home loan during the past six years? If so, you're probably eligible to receive a complete PPI refund and reclaim all of the funds spent on the policy unnecessarily. Most lenders that mis-sell PPI (Payment Protection Insurance) policy do so by failing to adequately inform the policyholder of the exact terms, conditions, and costs. Lenders often include the cost of the PPI policy with the overall cost of the loan as a one-time premium, and typically refer to this type of insurance as loan insurance. Ironically, almost 90% of PPI policyholders have their claims denied by the insurance company because they were mis-sold a policy that they were ineligible for.
Who Is Actually Eligible for Loan Protection Insurance?
Since so few individuals are actually eligible for a Loan Protection Insurance policy, it is much easier to explain who is ineligible. If you are currently enrolled in some form of education full-time, where unemployed, retired, or were older than 65 when you were sold the loan protection insurance, then you are automatically ineligible for PPI, and you should be able to reclaim PPI premiums relatively easily. In addition, individuals with pre-existing medical conditions or those that have similar insurance policies from another insurance provider are automatically considered ineligible for PPI coverage, regardless of whether they've already paid the PPI premium.
Is it Difficult to Reclaim PPI Premiums?
All you'll need to reclaim PPI premiums is a small amount of basic information about your loan, lender, and any additional details you may be willing to offer. By providing this (along with your basic contact details) to a PPI claim specialist through a PPI claim form you'll be able to receive a response within 24 hours, and many cases can be handled successfully within one to six weeks. In fact, if it isn't likely that your claim will be honored a good PPI claim company won't even take the case, as a professional PPI attorney should be able to help you reclaim PPI premiums without charging upfront fees. While only a relatively small percentage of PPI policyholders that were missed sold a policy are actually filing claims for compensation, those that do usually reclaim PPI premiums with a high success rate.
What Are the Advantages of Using a PPI Claim Company to Reclaim PPI Premiums?
Since PPI premiums are usually charged as a one-time payment along with the total loan amount, the borrower is stuck making repayments towards the policy and their loans permanently, especially without professional assistance in renegotiating loan terms and conditions. In other words, without legal action it will be very difficult to restructure the loan so that the PPI policy premium is removed from the total amount of interest being charged. A PPI claims firm can expedite this process by several weeks and eliminate countless hours of research and effort on your behalf. Perhaps even more appealing is the fact that you'll be able to reclaim PPI premiums with no upfront costs involved.
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