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Reclaim PPI - Get Complete Information

PPI or Payment Protection Insurance is one of the most commonly mis-sold finance options in the world.

PPI or Payment Protection Insurance is one of the most commonly mis-sold finance options in the world. There are a huge range of people who have been mis-sold PPI and because of it are now out of pocket. However, you are able to make reclaim PPI and ensure that you get your money back. You will need to do some research though and with something like this it's great if you know your stuff.


Payment protection insurance is an insurance that will make repayments of some of your loans, credit debt, mortgage, etc in the event you are unable to work due to illness or accident, as well as if your job entered into redundancy. PPI in itself really is not a bad thing, however, with the mis-selling of it by unethical sales people it is no wonder that the reclaiming is as high as it is.

Payment Protection Insurance Policies are deemed mis-sold under the following circumstances: 
- Failure to state that PPI is optional. 
- Failure to state unsuitability for the Self-Employed. 
- Failure to give transparent information about the product and its real cost. 
- Failure to advise that product is a single premium policy. 
- Failure to disclose that advisor is an agent earning a commission. 
- Failure to advise of requirement conditions of employment status 


The first step in claiming back your PPI is to write a letter to your bank/lender asking for a full refund. They will definitely reply with a variation of 'no' to which you need to be more forceful, threaten legal action and declare your intent to involve the financial ombudsman. They will probably continue to respond with a range of answers ultimately dismissing your claim, albeit wrongfully, as they have no fear of your authority. The key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.


A compensation claim for PPI is very likely to hold up in court. For instance, in the five years between 2004 and 2009, the courts upheld over a million claims. Furthermore, current estimations indicate that 95% of claims are successful, and this is only fair. The banks continue to make large amounts of profit, while the public, in general, sufferPsychology Articles, PPI claims are a way of biting back.


It is still advised for UK consumers to be knowledgeable when getting loans especially unsecured ones as insurance mis-selling continues to evolve. A few of which are reducing the coverage and raising premiums.

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