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PPI: Everything You Need To Know

Press release March 18, 2013 Economy

How and Why You Should Claim

Payment Protection Insurance (PPI) is an additional cover for financial products that, in theory, should help you manage your repayments should you be unable to keep up with your payment plan due to not being able to work through sickness, injury or unemployment.

However, lots of people are ineligible for PPI because of their employment status. Those who are self-employed, unemployed, retired, working on temporary contracts, students or have pre-existing medical conditions are NOT eligible for a PPI plan because, even if the situation arose where they would need such cover, they wouldn’t be able to claim it.

Even if you are entitled to PPI, and are able to claim it should you need it, you may have been mis-sold the policy. If the plan wasn’t explained properly, PPI payments were included within your repayments, you were informed that taking out PPI was compulsory or you were sold the policy under false pretences, i.e.:

1.       You already have a similar cover from somewhere else

2.       You were misinformed on how, when and where you can take out PPI in the future

3.       You were told that your chances of having a loan approved were increased should you choose to take PPI

4.       Online applications for a loan were opt-out instead of opt-ins

How Do I Claim?

If you feel you’re due for a repayment on a PPI plan, then all you need to do is contact us. We will send you your PPI pack in the post for you to fill out, in detail, so we have all the ammunition we need to take to the banks to get you back your money.

Claim values vary from person to person, depending on the individual financial products and how long PPI has been paid for, along with other factors such as percentage values of outstanding balances all contribute to the overall value of a claim.

The length a claim takes to process also ranges from person to person. In some instances Consumer Finance Claims have been completed in as little as two weeks, but more complicated cases can take anywhere up to nine months to be fully processed.

On average, we reclaim roughly £4000, but you won’t know how much yours is worth until you get in touch!

PPI is sold with products such as loans, mortgages, HP agreements and credit cards, so if you have taken out one of these within the past 10 years, then contact us directly – or fill out the form on the right hand side of this page – and we will do all the work necessary to reclaim your mis-sold PPI package on a no-win no-fee basis.