Over the past ten years Payment Protection Insurance Policies (PPI) were sold to cover loan or credit card repayments in case of an accident, sickness or unemployment.
If you have a mortgage, loan or credit card then there is a good chance you were also sold a Payment Protection Insurance policy. In many cases lenders mis sold these PPI policies and this entitles you to reclaim the PPI cost. If you have been mis sold PPI we may be able to reclaim £1,000s on your behalf.
Payment Protection Insurance (PPI) can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection. You should check and credit card, finance or loan agreements to see if these type of cover has been added as in some cases you may not even know you had taken on a form of Payment Protection Insurance.
There is nothing wrong with PPI policies for those who need it and assuming it has been sold correctly. However, many cases have recently arisen showing that Payment Protection Insurance has been systematically mis-sold to millions of people. If you have taken out a loan, credit card or mortgage in the last few years then you may be entitled to claim PPI charges that you have paid.
A good PPI sales process should fully inform you of the costs, advise you that the policy was optional, give you full details and policy documents, ask about any pre existing medical conditions you may have had, ask about your employment status and much more.
In practice, these policies were often sold without much investigation in order to boost companies profit margins and commission for the advisers which is why many people are now entitled to a PPI reclaim.
Reclaim payment protection insurance (PPI)
To reclaim PPI it is important to establish whether you were originally mis sold to. Mis sold Payment protection insurance occurs when the customer isn’t fully informed of their rights, and asked the proper questioning as to whether they need Payment Protection Insurance during the sales process. The customer should be informed that payment Protection Insurance is not compulsory and can be bought from other companies than the original lender if they are cheaper. You should also be fully aware that you are buying Payment Protection Insurance and be in employment at the time of taking out the loan or credit card.
However in many cases over recent years, customers were not fully informed of the options available for PPI and as a result may be entitled to initiate a PPI reclaim.
Canary Claims can help you reclaim PPI. Contact us today to discuss the PPI claims process, or fill in one of our claim forms from the website and you could reclaim £1000’s.