Mis Sold PPI Claims Information
Was I Mis Sold PPI?
Payment Protection Insurance (or PPI) was mis-sold in a number of ways. Mainly it came down to either the way it was sold to you at the point of sale, the wording of the terms and conditions, or the exclusions in relation to your personal, financial or medical circumstances. We have outlined below some of the main points which could constitute mis-selling, and which could result in a successful and substantial refund for you!
You were told that the insurance was compulsory (or you weren't told that it was optional).
These facts should have been explained to you in full at the point of sale in order that you could make a proper decision on whether to include the insurance with your loan or not.
You were told that you had a better chance of getting the loan / credit card / mortgage if you took out the payment protection insurance.
This is just a down-right lie! Insurance was in no way tied to the likely hood of you getting a loan. Any responsible lender would perform detailed credit reference searches and would loan money based on these factors. This method of 'selling' was purely scare-tatics or bullying.
Your medical history wasn't discussed in full at the time of taking out the policy.
Insurance companies sometimes have exclusions relating to pre-existing medical conditions, or certain conditions that they won't pay out for. If this wasn't discussed with you in full, then you could potentially have a claim. Click here to get your PPI claim started!
The PPI premiums were added to your loan / debt and you were unaware of this.
This sort of 'selling' was quite common with store cards and credit cards. By adding the cost of the insurance to the loan it was easier to sell, due to the fact that the customer didn't have to pay anything up front. However, this normally resulted in the borrower having to pay extra interest on the cost of the insurance.
You weren't in full time employment at the time you took the policy out.
A lot of policies will not cover you if you are self-employed, for example, or if you are only a temporary employee. If these details weren't discussed with you, then click here to get started on your claim now!
You had to opt-OUT of the PPI by ticking a box.
The FSA (Financial Services Authority) has ruled that this is not the correct way of marketing or selling this type of product. During loan / credit card applications customers weren't noticing the box and ended up paying for insurance that they didn't even know they had asked for! If this happened to you, get your details into us now to start your claim!
You had an existing protection policy which would have covered the debt, or you had other means of paying the monthly instalments.
Once again, if the PPI policy was sold to you without a discussion around these points then it was probably mis-sold to you. If you had other ways of supporting yourself whilst out of work, or following an accident, then the insurance was an unnecessary cost. Don't delay, claim today!
There are lots more examples of mis-selling. Simply put, if you have a loan, credit card, mortgage, car finance or any other type of debt, and you have payment protection insurance included, get in touch and we will tell you if you have a claim. The likelihood is you do!
Click here to ask for a call-back or use our speedy online PPI claim form.
How Does This Work?
How to claim PPI with us...
We are very proud of the way we operate and how we manage our clients claims. Unfortunately this industry is becoming saturated with unscrupulous claims companies that are purely jumping on the band-wagon, so to speak. ReclaimYourMoney.com has been around for quite a while now and the processing team we use have been around even longer. The level of integrity and general moral standards is very high so you can be sure that your PPI claim will be handled professionally and efficiently.
The steps to claiming your PPI refund are simple:
You fill in our form or give us a call.
If you fill in our online PPI claim form then we will give you a quick call to discuss your claim with you in more detail. We need to ascertain whether you had PPI with your finance and if the claim is worth us running for you. What this means is that if we feel the claim is a very easy claim or if the value is very low, we will instruct you to process the claim yourself as our fees could mean you get very little back yourself. We do not want this to happen so we always advise what's best for you, the client.
We dispatch some very simple paperwork for you to read, sign and return.
This enables us to communicate with the lender on your behalf for the means of processing your PPI refund. If you have your loan, credit-card or mortgage documents to hand, please photocopy them and send them along with the paperwork. If you don't have them that's ok as we will request them from the lender, at how expense - this is all part of the thorough service we provide! The quicker you return this paperwork, the quicker we can push on with reclaiming your money!
We receive your paperwork at our office and proceed to request documents from the lender.
This process can take up to 8 weeks but is an essential part of the process that many claims companies miss out due to the cost that's involved. However, we've found that by requesting full details from the lender we can a) ascertain what the compensation amount should be so that you do not get short-changed by the lender, and b) any additional PPI claims you might have with that lender are revealed early on so we can tackle them for you as well.
Finance documents received, we then call you again to discuss claim further.
Here we want more detail from you so that we can build a solid legal case against the lender. We are very proud to say that we do not just send template claim letters on behalf of our clients like so many other claims management companies. We look to build very strong cases against the lenders to ensure our high success rate of PPI claims is maintained, and therefore our claims letters are personalised and specific for every client, related to the questions we ask on this call.
Claim letter sent, now we wait...
To get to this point can take many weeks and many hours of work from us but now we have to wait for the lender to reply. The standard timeframe they have is 8 weeks, however many aren't managing to stick to this timeframe due to the sheer number of claims being made at present. We will chase the lender up at regular intervals but we please ask for you to be patient at this stage - we will inform you as soon as we know more. We always tackle the lender if we feel that aren't doing what they are meant to be doing so don't worry, we are fighting your corner!
Claim finishes, results are in...
Hopefully this means a win for you which means you will receive a cheque from the lender, unless the money comes direct to us, in which case we will pay you via BACS (in most cases) less our fee + VAT. If we haven't won your case we will either explain why and finish it there, or if we believe the lender has made a mistake (which can happen quite often) we will progress your case to the FOS (Financial Ombudsman Service). This unfortunately can take quite a while but again, we will fight for you at every stage and as long as it takes, and remember it's NO WIN NO FEE. If and when you finally get paid, we will invoice you for our fee + VAT.
So that is how we process PPI claims for our clients. If you wish to take advantage of our great, professional service for your PPI refund, please get in touch with us today on 0800 533 5499 or use our online PPI claim form and we will call you back.
Get your PPI reclaim in to us today!
Types of PPI
Accident Sickness & Unemployment Cover
This is a very popular form of payment protection, and is commonly known as ASU. The concept behind the policy is to protect the customer (i.e.. you) in the event of illness, accident or redundancy/unemployment, and provide a monthly, tax-free payment which will cover the cost of the loan instalments.
They are normally sold alongside mortgages and is the main reason why most people would have heard the term ASU.
The problem arises with the way the plan was sold to the customer, or the broad exclusions that are hidden in the small print. This small print could totally exclude you from ever claiming due to your medical history, occupation, or employment status.
If these details weren't confirmed at the point of sale, and they effect you, then you may have a policy which is no good to you, and one which you can never claim on. These loopholes are the reason why so many people like you have already claimed back £1,000's in PPI reclaims.
Get your PPI reclaim in to us today!
Personal Loan Protection
This is the single most common form of loan payment protection in the Country, and ironically also one of the most expensive to the customer (and most profitable to the lender). It's designed to insure the borrower so that in the event of injury, long-term illness, redundancy or death, the loan can still be paid back. Sounds ok in principle, but the cost of this type of plan is extremely high. Most of the high street lenders were selling it relentlessly, and charging customers a premium of 10-30% on top of their loan!
The selling style of this type of policy was comparable to the old time-share salesman you used to see walking the streets of your favourite holiday destination. They would keep on and on and on until they got a sale, always missing out important, unattractive facts about the deal so the customer wouldn't be scared off. Loan PPI is the same. If you have loan payment protection, you can be sure you are over-paying!
Another fact is that most lenders did not check with the customers to ensure that the policy was suitable. If you had pre-existing medical conditions at the time you took out the policy, they wouldn't be covered. Also, if you were aware that you were going to lose your job when you started the plan, they wouldn't pay out for that either.
If you have any form of finance, be it a credit card, car finance or even kitchen finance, check the documents NOW! You may be paying for protection you don't even know you have. If you don't have the documents, or don't like paperwork, get in touch with us and we will do all the work for you!
no win no fee
claim started within 24 hours
regulated by the ministry of justice
dedicated experts with ppi claims