Can You Get a PPI Claims Refund ?

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Payment protection insurance, commonly known by the acronym PPI, is an insurance product that ensures the repayment of an overdraft or a loan. It is useful when a borrower is deceased, disabled or loses the means to continue repaying the instalments. A PPI is an add-on that comes embedded on an overdraft or loan at the sale stage. It accompanies almost any loan product you can think of; mortgages, car loans, payslip guaranteed bank products among many others. PPIs are set to cover the minimum overdraft for a pre-set period of time after which the payments have to restart. At this point, the borrower will have to make fresh repayment arrangements unless in cases where borrowers are deceased. What happens when the loan term ends, can PPI claims be successful?PPI claims refund

The Controversy!

Of all insurance claims, PPI has the largest number of rejected claims. The general reason to support the rejections is an underwriting anomaly; many practitioners treat PPI as a general insurance and do all the underwriting procedures at the sale stage. Another problem is with the customers who pick PPIs with loan product while totally oblivious of its nature. Market inquiry has also shown that customers do not question whether they are eligible. As a product meant to assure repayment instalments, most lenders sell it with the procured product. In the United Kingdom alone, there are about 40 million PPI policies. Now that is not surprising, the fact that 40 per cent of the holders are ignorant of the policy obligations.

More Controversy!

PPI has been mis-sold for a long time now; bad still is that investigations into such mal-practice have been bungled. The mal-practice is driven by the huge commissions from sales. All the same, PPI claims are possible; the claim has to be initiated by the client. Lenders have the obligation of investigating and it is not just about the customer reclaiming the amount paid but the interest accrued too.

PPI Missold Calculate Your PPI Refund here

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If you have ever had a credit card, the chances are you may have been paying for PPI. It was sold as standard on credit cards for the past ten years. Payment Protection Insurance covers the holder in the event that they are unable to make their monthly payments and ensures their financial long term security.

Unfortunately in a large amount of cases the banks have sold the insurance policy to customers who would not be able to make any use of the policy. These same banks are now having to repay the customers, who are making a large volume of missold ppi claims, claiming back thousands.

There are a number of ways that PPI was mis-sold:
- When customers were originally sold the PPI policy, they might have told about all the benefits and the details of the repayments. But they might have been unemployed and therefore would not have been able to make a claim.
- The bank might not have informed the customer that they were buying the insurance, but just added to their credit card.
- The customer might have been told that taking the PPI was a prerequisite to being approved for the credit card, or that it was a part of the agreement.ppi missold

If one off these situations applies to you, then you could have be able to join the missold ppi claims. You could be entitled to claim back the payments you have made.

To calculate how much you might be able to claim back, you will need to know some basic details. These can all be found on your monthly credit card statements.
- When did you take out your credit card
- The current balance of your credit card
- The maximum amount allowed on your credit card

If you have ever paid for PPI, you should use the PPI calculator to work out how much you could be entitled to claim back from your bank.