Are You Entitled to A PPI Refund

by Varun Mishra seo services

PPI helps to repay any loan or mortgage taken out by you in case of some unforeseen incident like accident, death or loss of job which prevents you from paying the instalment.  If you have taken out a loan or a mortgage in last 10 years, and have not claimed you PPI yet, then you might be running out of time to ask your lender for a refund in case it was mis-sold.

 

The First thing to do is to make sure whether or not you have a PPI policy. This is not as strange as it sounds as you may have been sold the mis sold PPI policy without realising it. If your PPI is related to a credit card you can review your monthly statement to see if  any payments were taken for PPI, but for a loan or mortgage you will have to thoroughly check your policy documents. If it contains words like policy protection cover, insurance protection etc then more likely than not you have a mis-sold PPI. If still in doubt contact your lender to review your file.

 

If you are paying for PPI and any of the following criteria applies to your circumstances then you may be entitled to a PPI refund:

 

·         The PPI insurance was added to your loan agreement without your knowledge.

·         You were unemployed, retired or self employed at the time of taking out the PPI policy.

·         You were under 18 years or above 65 years of age.

·         Policy exclusions like no claim in case of mental or stress related illness or other common ailment were not informed to you. You were not asked whether you had any pre existing medical conditions.

·         You were told PPI was mandatory and not optional.

·         You were informed that by taking out PPI you would have a better chance of obtaining the finance required.

·         Your employer provided a benefits package which included cover for sickness, redundancy or income protection.

If your lender or the Financial Ombudsman Services have notified you that you have a successful PPI compensation claim, then you should receive all the premiums you paid plus interest at the applicable compensatory rate.

To claim your PPI claim, write to your lender and ask them to review your file. If they reject your request, you can take the matter to Financial Ombudsman Service which is a government run agency for managing all the problems between the financial business providers and their customers.

 

As the process is time consuming and stressful, you can approach a claims management company to make the claim for you.

 

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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