The mis-selling of payment protection insurance is the last thing you want to experience as a borrower. Usually, insurance providers offering PPI policies assess their client's circumstances to establish if the product is suitable for them. If your insurance provider did not, you may be a victim of mis-selling. If you're unsure about the way that your policy was sold or have concerns over whether the insurance is right for you it may be high time to seek advice on how to claim your money back. After all, insurance plans are meant to offer you security and peace of mind not sabotages your finances.
Mis-selling of PPI policies has reached an alarming rate. In 2011, a number of banks announced that they had set aside billions of pounds as compensation for mis-sold PPI policies. Only recently senior executives have had to repay bonuses as a result of this scandal. This demonstrates that mis-selling was rife within some financial institutions. So how can you find out if you're eligible to refund the PPI plan you have taken out?
In cases of mis-sold PPI policies it is commonly found that the terms and conditions of the policy were not discussed. Instead, the sales person may have made it look as though taking out a PPI policy was a prerequisite of a financial product. In essence making clients feel they had to take out a plan. In this regard it is helpful to establish the eligibility and suitability of an individual to have a PPI plan.
Those who are self-employed, unemployed, students and housewives/husbands are often not suitable for PPI policies. If you fall into any of these categories and you cannot recall whether you were asked if you wanted to take out a PPI policy you may be entitled to compensation.
Options for PPI Claims and their Process
If you find yourself in this situation, you have 2 options:
1. Write a letter to the bank stating your complaint and your belief that you were mis-sold a PPI policy when you applied for the mortgage, loan or other financial product. Or better yet,
2. Contact a claims management company that can help you go through the process. We PPI refund company that acts on a no win no fee basis and only takes a payment for their service once you have received you compensation. A regulated company will help make the process easier and take the worry and stress out of your hands. Always be sure to ask about the company's fees and be aware of any hidden charges. A reputable PPI refund company will have no qualms about providing you with this information either over the phone or in writing. Some PPI Refund companies will provide their clients with a "personal" account manager that will act as your dedicated assistant in claiming your compensation. They will inform you of the progress and keep you updated as the claim progresses.
Making a PPI claim can be made easier by opting to use the services of a claims management company. They deal with hundreds of claims a week, are client centered and have systems that streamline the process to make claiming compensation as stress free and as quick as possible.
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Nik Jones is a writer at PPI Refund is a leading PPI Refund services providing company. For no win no fee PPI Refund email at [email protected]
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