Claiming Back PPI Is Easier Than You Think
Many people have been claiming back PPI following the recent well publicised scandal, yet many people who may be entitled to claim have not yet done so. PPI may seem to be a complicated issue but the basics are simple: if you have been sold a policy in a manner that was not deemed within the regulations you have the right to claim. PPI is usually sold to people who take on a mortgage or a loan, so if you have recently taken out either you are likely to have a policy. To claim back your charges you will need to prove it was mis-sold to you.
All about Claiming Back PPI
The PPI scandal erupted following a number of complaints from members of the public who claimed they had been mis-sold policies. The investigation that followed uncovered widespread examples of mis-selling, in which lenders had routinely flouted the appropriate regulations. This led to many people claiming back PPI charges that they found had been sold to them in an inappropriate manner.
Claiming Back PPI is Your Right
The regulations state that a borrower should be informed of the right to look over the market for the best possible PPI deal. The majority of people who are claiming back PPI were not told of this legal right, but instead were led to believe they needed to take out a package offered by the lender. Invariably this would not be the best deal on the market, meaning the consumer will have been paying over the odds for their insurance policy. The rules have since been rewritten, and it is now against the regulations to sell PPI at the point of sale of a loan, or within a set seven day period following the granting of a loan.
Making PPI Claims
One way to be sure if you can claim back PPI is to ask one of our advisers to look into your loans agreements, we will find any hidden PPI policies alongside your borrowings and let you know. If we find PPI policies there’s no obligation to claim and if you choose to go ahead we work on a strict no win no fee basis, so you only pay if your claim is successful.