Payment Protection Insurance, more commonly known as PPI has been sold by credit card and loan companies for years and you could be entitled to reclaim mis-sold PPI.
If you took out a loan, credit or store card in the last six to ten years, you may be able to reclaim £1,000's. Many lenders have been found to have mis sold PPI (Payment Protection Insurance) when selling loan and credit cards, the investigations into mis-sold PPI means many people are able to reclaim their PPI.
PPI is a policy set up to cover your payments to loans or credit cards (or at least a percentage of them) in the event that you cannot work through sickness or an accident or you have been made redundant.
How do you know if you have been Mis sold PPI and therefore entitled to reclaim PPI payments?
To check to see if you took this out then find your loan agreement or credit card statement and see if it includes PPI. On a credit card, any PPI charges will be visible on your monthly statement, this is because they will be calculated and added to your account every month depending on how much you spend or pay off monthly. In the case of Loans, your PPI payment may have been added as a lump sum at the beginning of the agreement. This is called a single- premium policy and the full amount calculated for the PPI is added to the loan in a similar way that interest is added to the final repayment sum.
Once you have found that you are being charged PPI it is important to find out if you were mis-sold to. If any of the below situations occurred then you were mis-sold to and you have a valid case to reclaim PPI.
Did you ask for PPI? In some cases the PPI was added without your knowledge.
When you took out the loan were you retired, un-employed or self-employed?
Were you told the insurance was compulsory or if you took out the insurance you would have a better success rate of being approved for the loan?
Were you made aware that PPI is your choice and you can purchase the same cover through a different company to the lender which could be cheaper?
Adamsons Law can help you reclaim PPI if you have been mis sold to, we have helped hundreds of customers reclaim PPI payments and unlike other claims companies if we don't win your case you don't have to pay. |
