Reclaiming a MIS-SOLD Payment Protection Insurance

If you recently have had any credit or form of borrowing from a financial institution or lender, there’s a possibility that you were offered and sold an insurance policy meant to cover your repayments in the event that you’re unable to due to sickness, accident, redundancy, or death. The design to protect you from going over your debt and the bank from potential loss seemed so great but the process of applying these policies and selling to them to consumers has become so horrid that the authorities intervened. Because of this, you now stand the chance to get a reimbursement and possible compensation.

If you believe you were tricked into buying the policy you can claim your money back from your provider. Simply visit www.ppiclaimsadvice.co for more information. You need to establish first though if you have PPI on any of your credit agreements to be sure. Have a look at your account related documents and look for a Payment Protection Insurance Reference. If the paperwork happens to be missing, you may request a copy of it from your lender. The credit bureau offices can also help you dig information regarding your account granted that it is has been no longer than six years since it began or paid in full.

As soon as you got your paperwork together, write to your lender and tell them that you wish to claim for mis-sold Payment Protection Insurance. Make a brief description of what happened during the sale and establish the reasons you believe it should not have been sold to you. You may refer to the situations below to determine how you were wrongly sold the policy:

• You were told that PPI was a compulsory product; was automatically added to your account without being told an opt-out alternative.

• You were made to believe it increases your chance of getting a higher credit limit or loan amount; or told that your application is less likely to be approved without taking the insurance alongside.

• You were not clearly informed of the costs and cooling-off period.

• You were not informed of the terms and conditions, including extent of cover, exclusions, and limitations – this pertains to age limit, residence status, employment status, pre-existing medical conditions, having availed of policies of the same nature, etc.     
  

Within 6 to 8 weeks following the lender’s acknowledgement of your PPI claim, a review of your account will be done. Your lender should be able to reach a decision whether to reimburse and compensate you or not. If you have not heard from them after such time, or you have been unhappy with their decision, you can take the matter up to the Financial Ombudsman Services.

Filing a complaint against your lender to the FOS will entail further review of the case. The Ombudsman will contact your bank and ask about the reasons behind their resolution. They may be times when they will contact you, too to ask for further information. You may need to send them copies of the correspondence between you and your lender if there were any. The Ombudsman will then let you know of their decision after a thorough review. If they rule in your favour, your bank will be obligated to pay you back with the amount of the insurance premium, and whatever interest it could have incurred over time.

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