Payment Protection Insurance Claim
This article is written for public benefits. If you read this article, it will give you a clear idea about payment protection.
The Payment Protection Insurance (PPI) scandal which buffeted banks and lenders across the UK may still be present in thousands of mortgages and loans that exist today, yet these borrowers are still unaware that they are being cheated out of their hard earned money. PPI was originally designed to protect borrowers in case they were temporarily unable to pay back part of their loan, for example if they were in an accident or some circumstance where they were not earning money, the PPI would kick in and pay the monthly bills due on the loan.
However, many UK residents were mis sold PPI, either by being overcharged or told that Payment Protection was required on loans when in truth it was not necessary. This means that across the UK there are thousands of people either being charged for protection that they didnít ask for or having more money taken from them than required.†
Here are the types of loans that were subject to PPI, if you have paid on any of these loans in the past six years, you may be eligible to reclaim PPI payments that you have made.
- Personal Loan
- Car Loan, Secure Loan or a Consolidation Loan.
- Home Mortgages
- Store and Credit Cards
Considering how common these types of loans are, itís possible that millions of people have used them at some point in the past six years, which includes loans that were taken out more than six years ago, but fully paid off in the last six year. If you included payment protection in your loan, you will want to check it out to see if you were mis sold PPI, either because you were told it was mandatory when it wasnít or that you were overcharged for the payment protection. If so, you may be able to get your money back.†
There have been thousands of people who were successful when they reclaim PPI payments that they had made. Generally speaking, they were sold on the idea of payment protection for one or more of the following reasons.
- They had a pre-existing medical condition.
- Were Self Employed
- Under 18 years old
- You were informed that PPI was mandatory.
- You were informed that PPI was included and you didnít refuse.
- You were Unemployed
Plus, if your lender was fined by the FSA, you may have been paying PPI premiums without knowing it. Some of the more common lenders who were fined by the FSA included Alliance & Leicester, Egg or Capital One. Even if the PPI was necessary for you to take out the loan, your lender may have overcharged you up to four times or more the amount it was worth. In this case, you are eligible to reclaim PPI.†
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