PPI claims have hit the media headlines recently as more and more borrowers have reclaimed money that they have paid to lenders, insurers, and other financial institutions. While the payment protection policy is one that has been designed as a beneficial product that protects borrowers should they experience a change in personal circumstances, this hasn’t always proven the case. Lenders have been found guilty, according to a court judgement, to have mis-sold these policies.
If you have any form of credit, including mortgages and credit cards, then there is a reasonable chance that you also have a PPI policy. In many cases, this policy could have been mis-sold and if this turns out to be the case for you then it means that you have the right to reclaim the money you have lost as a result of this. In some cases this could amount to repayments of several thousands of pounds.
Payment protection insurance is not an inherently bad product. In fact, it can prove highly beneficial to those that are eligible and those that want the protection that it offers. If you were to fall sick or lose your job, would you realistically be able to keep up the repayments on your mortgage? You stand to lose the family home if you miss too many payments. This is where PPI policies really can prove useful.
However, if the policy was mis-sold to you then you have the right to reclaim the payments made. Policies were mis-sold in a number of ways and primarily because of the amount of pressure that was put on salespeople in order to make sales of these potentially lucrative insurance policies. Check agreements fort your credit cards, loans, mortgages, and even hire purchase agreements because it may be that you have £1,000s of pounds waiting to be reclaimed.
The banks are the most likely source of your PPI repayments because it is the major high street banks that sold the most of these policies. Get copies of your agreements, request additional information if necessary, and determine how much you have paid in payment protection insurance and you could be due this amount back.
Visit CanaryClaims.co.uk for more information on submitting PPI claims and to find out how to proceed if you believe you have been mis-sold your policy.