RCLME Helpline

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PPI Misselling claims reasons

Claiming back PPI premiums

Payment Protection Insurance

First you need to establish if you have Payment Protection Insurance - you may have PPI attached to your loan without knowing.

When attached to a credit card you should be able to see any payments taken for PPI in your statements, but if you have a personal loan it might not be so obvious.

Recently 2 million payment protection insurance (PPI) policies have been mis sold to consumers who might never be able to make a claim.

According to a study, Which the consumer group, found that a third of consumers who have taken out a loan with payment protection insurance over the past five years may fall foul of at least one “significant exclusion” that would prevent them from making a successful claim.

Payment Protection Insurance when bought from a lender is extremely poor value for money, with any potential benefits far outweighed by the huge cost.

PPI Misselling claim reasons.

A guideline for a correct sales process should include being fully informed of the total costs, advise you the policy was optional, give you the full PPI policy condition and documents, ask about any pre-existing medical conditions you may have had, ask about your employment status and much more.

Normally, the insurance was often sold without much investigation in order to boost company’s profit margins and commission for the advisers.

Should you identify yourself with any one or more of the following claim reason you can submit a PPI misselling claim.

● If you were not employed at the time you took out the policy – you were unemployed, self-employed or retired. It will be impossible for you to make a valid insurance claim.

● If, when you took the the Insurance, you had a medical problem that could have kept you from working, you should have been warned that the insurance was unlikely to be suitable for you.

● If you were sold a 'single premium' Payment Protection Insurance policy – where the whole cost of the PPI is paid for up front then added to your loan and borrowed at the same interest rate.

● If you cancelled the policy or repaid the loan early but were unable to cancel the PPI, then you can claim for a fair refund of your premiums.

● If the refund you were offered was only a fraction of the cost you paid for PPI, you can claim to get a fair refund.

● If you were able to cancel the insurance, but the loan was redrawn at less favourable rates, you can also claim money back.

● If the entire cost of the PPI was not explained to you, or if the company only quoted the cost of the loan with the PPI attached.

● If you were told the Payment Protection Insurance was compulsory it is likely you can claim. Lenders can insist that a borrower has PPI, but any company that signs up to the banking code must not insist you take out the insurance with them. It is far cheaper to buy the Insurance separately from an independent provider.

● If other important features of the policy were not explained – for example, the terms for cancelling the cover or significant exclusions such as stress and back problems – then you can submit a mis sold claim.

● Most PPI policies have an upper age limit – usually 65 or 70. If you were older than the age limit for your PPI policy when you took the insurance, you can submit a PPI claim.

● If you were sold your PPI policy by one of the firms that has already had FSA action taken against it, there is a good chance you can submit a claim.

● If you already had alternative cover that could insure your repayments – such as income protection or an employer illness or redundancy package – but were not asked about this, you can submit a claim.

● If you bought PPI to cover a long term loan there is a chance that the insurance will run out before the loan is repaid. Most PPI policies will only run for five years, so if your loan term is longer than this the seller should have explained this limitation therefore you can submit a claim.

● If you have noticed you are paying for an Insurance policy that you didn't know you had there is a chance that it was added without your knowledge, or through an 'opt out' box that you missed. It will be up to the seller to prove you agreed to the insurance, so if you can't remember being asked, you can submit a ppi mis sold claim.

● If you took out a further loan or consolidated your loan at a later date, were you then sold additional PPI and did the cost of your loan seem to increase more than you expected?

● Should the Policy Provider now not be trading or has become bankrupt, a complaint can be made to The Financial Services Compensation Scheme only for policies sold after the introduction of the legislation in Jan 2005.

● Changed Opinion on who can claim. Previously anyone who had achieved a successful claim by being unable to work were automatically excluded from making a mis sold payment protection insurance claim. This now appears not to be the case and these people may submit their claim subject to monies received being deducted from their award.

RCL ME are a registered Claims Management Company who offer free advice without obligation and guarantee that when we process your complaint we will achieve the monies to which you are legally entitled.

Steps to claiming PPI.

Contact us for a claim pack.

Return paperwork. with relevant copies of the point of sale documents i.e. PPI contract you signed.

Claim process We keep you updated about your PPI claim.

Your PPI award or offer explained. Cheque for you!

Pay my invoice Ways to pay.