Over the past few years I’m sure that you would have heard about payment protection insurance and how you can claim your money back from this huge, usually unnecessary charge that has been put upon thousands of people that have taken out a loan or credit card. There are a several reasons that it came about in the first case but primarily it was the banks being irresponsible and offering commission to sales staff for getting customers to sign up for this protection insurance which they couldn’t always claim on. This in turn led to salespeople making questionable ethical decisions and in a lot of cases not informing customers about what they were signing up for.
However, luckily it has now been shown that in a lot of cases these PPI fees were charged without people knowing that they could never make a claim and so the banks have been forced to put aside billions of pounds so that they can pay anyone back. This is where you can reap the benefits. If you have been sold a loan or credit card in the past ten years then you need to check if it has PPI attached to it. Then if it does you need to see if you can claim back on it and here are some of the things that mean you should be able to get your money back.
Was My PPI Mis-sold?
The first question that you have to ask yourself once you have found out that you were paying for payment protection is was it mis-sold to me? The words mis-sold can seem a bit confusing because you may not know if it was sold fairly to you or not so I’ve put together these examples to help you decide if it was mis-sold to you:
• If you were never told that you had it. In this case you have a definite claim because you should always be informed about what you are paying for.
• If you found out from a way other than being told by the sales person who sold you the insurance. For instance if you saw the bill on your credit card statement.
• If you were sold the protection insurance without ever having much chance if any of claiming on it. A lot of insurance had small print which stated that you could only claim under very specific conditions and some of those were sold to people who would never meet those conditions.
• If you were told that the payment protection was compulsory then you have a claim because it’s not, it’s voluntary.
• Even if you chose to opt in for cover you may still have a claim because it could have been mis-sold. For example if you were told that you would get redundancy cover and you couldn’t then that is mis-sold insurance.
If you have got a loan with payment protection and you think that it has been mis-sold to you then the next step is to see how much you could get back. To do this you could use a PPI Return Calculator which will show you clearly and quickly how much you are going to be entitled to.
After that you need to choose if you are going to try and claim back yourself or go to a payment protection claims company and have them do all the leg work for you on a no win no fee basis but that all depends on how much time you want to spend personally on getting your money back.
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