If you’ve had a credit card, catalogue, car finance or overdraft in the past, there is a good chance you could successfully claim back PPI.
PPI means Payment Protection Insurance and was sold alongside financial products for a number of years and was designed to help if you were off work through sickness or lost your job through redundancy.
It has come to light that many PPI policies were mis-sold and all financial institutions have been ordered by the courts to repay the money if it is proved that the insurance was taken out following poor advice.
Over £12 billion has now been refunded and all the major banks have set aside large amounts of funds to cover the money which is still to be returned.
If you were sold PPI with any financial product, it is worth checking to see if you are eligible for your money to be refunded to you.
Check the details on the policy or if you don’t know if you had PPI, call or write to the relevant company. They will let you know. You can make a claim for an account which is still open or one which was closed some time ago.
The most important aspect to consider is whether you feel that PPI was mis-sold to you. If you were told or discover any of the following:
- It was compulsory
- you didn’t realise they had added it to the finance package without your knowledge
- you were sold something you didn’t need as you’re already covered elsewhere
- you were self-employed, retired or unemployed
- you had medical problems in the past
- the provider has already been fined
then there is a strong possibility you have a case.
Telephone the lender and tell them you want a refund and the reason why. Some are now handling the issue directly over the phone which makes things easy to resolve. If not, there is a questionnaire to complete which has been issued by the Financial Ombudsman. Complete this and you will receive a reply. If you receive an offer, ensure they include all the money you are owed. If rejected, write to the Financial Ombudsman who will look to handle the case for you. The Ombudsman is free to use and their role is to settle disputes between customers and companies.
If paying PPI has left you short each month and you now need to pay for an emergency situation such as a post-winter utility bill, you can look to redress the balance with a small loan until you hear about your refund. Visit payday choice to compare payday loans as they understand that situations crop up in life where you need an injection of cash for a short amount of time. Payday loans don’t include PPI, so you can rest assured that whilst you are dealing with your refund, you can relax and know the rest of your finances are covered.
PPI has been claimed back by millions of people so don’t delay if you feel that you are owed money.