Mis selling of the payment protection plan, that is PPI has been done to a multitude of people without even taking their consent. However, individuals who have noticed these charges on their credit card or loan or mortgage statements, tend to understand this mis selling and apply for a claim back PPI. PPI policy that has been sold in the last six years can be easily obtained as the basic stature of a financial institution is to store and maintain the last six year records of their customers. In many cases, if you have the original documentation handy, then you might be able to claim back PPI even after the six years period.
- PPI is not an obligatory purchase to be made for all borrowers
- It can be easily purchased from other financial institutions
- For any early loan closures, you are entitled to receive a refund of the balance PPI
- In any case, you credit rating does not improve by PPI
In order to go through a successful claiming process of PPI, you need to be able to prove yourself that you were mis sold a policy. If you are unsure of the reasons, then you may choose one that best suits your situation.
- You must be able to prove that you were not informed anything about the policy while making the purchase or applying for the loan
- You must be able to prove that you were not told of any terms and conditions
However, if you have not been offered a cooling off time period, then you stand a good chance to claim back PPI without any hassles. If you are able to prove that you have never claimed before for this policy and this is the first time, then you are also eligible to obtain interest over the premium amounts paid. If you were a Self-employed or retired individual at the time of policy selling, which if proved, can help you receive the refund without going through any uphill battle.
However, if you find a suspicious PPI charge on your account, then you must contact your financial lender immediately to understand the standing of the policy. Upon which, you can take the further steps to obtain a refund on the mis-selling that went through. Visit ppirefund.co.uk for more knowhow.
Things to Consider
- Gather as much information as you can about the mis sold PPI policy. This includes an agreement copy of your loan or mortgage or credit card and your latest monthly statement given by the lender
- Determine the following questions to be able to claim PPI effectively
- Were you informed that PPI was a part of your loan or credit card contract?
- Does the time duration between the PPI and your loan match?
- If you have completed repayment of the loan, were you refunded with the balance PPI amount?
- It is always advisable to take all the above details and contact a Professional PPI Organization for further help.