When you take out loans like mortgages, car loans or other types of loans, it is common for the lender to offer you payment protection insurance or ppi. Ppi is supposed to help you make your monthly loan repayments once you are not able to meet them due to serious illness, accident or loss of employment. The problem is that such policies can be very expensive and unfair to the customer making it a mis-sold ppi policy to millions of people.
The Financial Services Authority (FSA) ruled that most lenders wrongfully sold these ppi policies to their customers. They have begun fining banks and lenders for selling policies that are expensive and offer little protection to the customers. This is good news as policyholders who were wrongfully sold can make their ppi refunds and they may be entitled to excess payments to their lenders.
You may be eligible to make ppi reclaim for many reasons. The most obvious is if you felt you were pressured into taking out ppi when you applied for a loan. In many cases, you could not get your loan approved if you did not take ppi from the lender. Other reasons may include: you were not aware of the real cost of the policy or you thought it was included in the loan.
Trying to claim for ppi refunds is not easy. Banks and lenders tend to deny any ppi claims made against them especially if they know one does not know their rights. So, it is advisable to seek the help of a specialist claims management company in making ppi claims to be able to obtain the right compensation for having been mis-sold a ppi policy.
