Payment Protection Insurance – Were You Mis-sold PPI?

Payment Protection Insurance (PPI) Story So Far……

The Latest Payment Protection Insurance Update as of May 2014:

payment protection insuranceConsider calling your Credit Card or Loan Provider on the phone and say that you would like to make a Payment Protection Insurance (PPI) claim for being mis-sold your PPI on your credit card or loan. Then ask your provider if they can check your account to see if you have a claim to make. This worked for me this time but normally you would be advised by your provider to send £10 to them in order to request copies of all your credit card statements. This is so that you can check to see if you have made any PPI payments.

I did this recently with MBNA, Nat West and Barclaycard and they all confirmed that I had claims. Each credit card provider started a claim for my PPI whilst I was on the phone.

To-date I have received £429 from my MBNA card and last week my wife received £1,257 back on her Mint credit card from the early 1990’s. I am still in communications with Nat West and Barclaycard.  Let just say if you have the time to research how to reclaim your PPI and you have the time to keep following up all the letters from your credit card providers then go ahead and do it yourself. Doing it yourself will save you around 35% in claim company charges.

But, if like most people you lead a busy life, then you should really consider putting all your loans and credit cards with a professional claims company. Most Payment Protection Insurance (PPI) claims companies have the experience of dealing with hundreds of thousands of cases which means they have the knowledge of how to successfully reclaim PPI payments from your provider and most importantly they have time to follow up your claims. They might cost you a third of the money they retrieve for you, but 65% of 100% is far better than 100% of ZERO.We all know that we want to reclaim our Payment Protection Insurance (PPI) but our busy lives always seem to gets in the way.

New regulations have meant that all the banks need to now make provisions to set aside money to fund their obligation for their part in the mis-selling of Payment Protection Insurance (PPI) scandal.  PPI sellers and the banks in the UK will continue to pay-out billions of pounds to refund Payment Protection Insurance (PPI) policy premiums to their customers making claims against the banks and the financial institutions for mis-sold Payment Protection Insurance (PPI).

The Lloyds Banking Group which was one of the largest promoters of Payment Protection Insurance (PPI) industry has set aside £3.2billion in funds to recompense wronged customers.  The other banks include the HSBC which has set aside £256 million, Barclays Bank determined that they needed to set aside £1 billion and the RBS which is 80% owned by the government has set aside provisions of £850 million.  It is estimated that all the financial institutions have a combined compensation fund of around £8 billion which is double the original FSA estimated figures.

Based on the information above it could be a real possibility that you may be entitled to a refund if you have ever had a Payment Protection Insurance (PPI) policy sold to you to cover a mortgage payment, a loan repayment or to cover a your credit card.

Payment Protection Insurance  – Reasons To Claim Mis-sold (PPI)

If you are able to answer “YES” to any of the questions below you may then be eligible to make a claim fro mis-sold PPI:

  • Has your PPI provider been fined for mis-selling by the regulator, the FSA?
  • Were you self-employed, unemployed, retired or on a fixed term contract when your PPI policy started?
  • Were you pressured into selecting a Payment Protection Insurance (PPI)  policy by the sales agent?
  • Were you informed that PPI was compulsory together with your finance agreement?

If you are unable to answer “YES” to any of these questions you may also be eligible to make a claim for mis-sold PPI:

  • Were you aware that Payment Protection Insurance had been included in your loan or were you unaware that it had been sold to you?
  • Were you told that your new loan would incur additional interest during the term of the loan?
  • Were you asked whether you had any pre-existing Medical problems at the time your Payment Protection Insurance (PPI) Policy was being arranged?
  • Did you receive full details of the Payment Protection Insurance (PPI) insurance policy (terms & conditions)?
  • Did your PPI seller inform you how much they would earn by selling you Payment Protection Insurance (PPI) policy to you?
  • Was it made clear to you that buying a PPI policy was optional and that you had the right to shop around for a different policy? Or were lead to believe that you might be refused a loan or credit card if you did not take out a PPI policy?

Payment Protection Insurance – Reasons You Will Not Have A Claim For mis-sold PPI

  • You have already made a successful claim and been paid by the provider of your PPI policy.
  • Your PPI policy ended over six years ago.

I hope this has helped you.

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