Payment Protection Insurance

What is Mis Sold PPI and How to Claim for Mis-sold PPI?

noreply@blogger.com (Connected Claims) — Thu, 21 Jun 2012 10:30:00 +0000

The Payment Protection Insurance (PPI) scandal which buffeted banks and lenders across the UK may still be present in thousands of mortgages and loans that exist today, yet these borrowers are still unaware that they are being cheated out of their hard earned money. PPI was originally designed to protect borrowers in case they were temporarily unable to pay back part of their loan, for example if they were in an accident or some circumstance where they were not earning money, the PPI would kick in and pay the monthly bills due on the loan.

However, many UK residents were mis sold PPI, either by being overcharged or told that Payment Protection was required on loans when in truth it was not necessary. This means that across the UK there are thousands of people either being charged for protection that they didn’t ask for or having more money taken from them than required.

Here are the types of loans that were subject to PPI, if you have paid on any of these loans in the past six years, you may be eligible to reclaim PPI payments that you have made.

- Personal Loan
Car Loan, Secure Loan or a Consolidation Loan.
Home Mortgages
Store and Credit Cards

Considering how common these types of loans are, it’s possible that millions of people have used them at some point in the past six years, which includes loans that were taken out more than six years ago, but fully paid off in the last six year. If you included payment protection in your loan, you will want to check it out to see if you were mis sold PPI, either because you were told it was mandatory when it wasn’t or that you were overcharged for the payment protection. If so, you may be able to get your money back.

There have been thousands of people who were successful when they reclaim PPI payments that they had made. Generally speaking, they were sold on the idea of payment protection for one or more of the following reasons.
They had a pre-existing medical condition.
Were Self Employed
Student
Retire
Under 18 years old
You were informed that PPI was mandatory.
You were informed that PPI was included and you didn’t refuse.
You were Unemployed

Plus, if your lender was fined by the FSA, you may have been paying PPI premiums without knowing it. Some of the more common lenders who were fined by the FSA included Alliance & Leicester, Egg or Capital One. Even if the PPI was necessary for you to take out the loan, your lender may have overcharged you up to four times or more the amount it was worth. In this case, you are eligible to reclaim PPI.

If you had made PPI payments on any loan in the past six years, you may be entitled to a refund even if you actually used the PPI to have payments made on your loan.

Payment Protection Plan Guide

noreply@blogger.com (Connected Claims) — Mon, 28 May 2012 10:49:00 +0000

A payment protection plan, in short, is a means by which you protect your investment or purchase. In the case of your mortgage, a payment protection plan is insurance you take out to protect you from events that would affect you financially and leave you unable to pay your mortgage. The situations may include events like he lots of your job, illness that leaves you unable to work, or involvement in an accident that leaves you incapacitated. If you are unable to meet payments on your mortgage or any other large loan if this or other financially difficult situation should occur, a payment protection plan simply means that your mortgage is paid for a period of time, usually 12 months, while you recover and get your financial feet back under you.

How Does a Payment Protection Plan Work?

If you can't work for a period of more than 30 days, if you have a payment pension plan in place and you meet your policy's criteria to receive coverage, you should be able to make a claim and have your payments made, usually for up to 12 months. In some cases, payments may be made for up to 24 months, with certain types of redundancy insurance. There are, however, exclusions where the policy may not cover you. These are discussed below and you should be aware of them.

What Doesn't a Payment Protection Plan Cover?

A payment protection plan is fairly comprehensive insurance cover, but there are certain exceptions to it where it will not apply. If you are self-employed, for example, redundancy cover is different as compared to someone who is in full-time employment and loses a job. If you are self-employed, you will have to have stopped working altogether because of the injury, illness or accident itself, for example, not because you are simply experiencing a lull in your work.

If you are in full-time employment, there are some cases where a payment protection plan also will not cover you. For example, voluntary redundancy will not let you claim unemployment insurance. Because this is a choice you have made and not something that happened out of your control, any claim made would be void. If you're still not sure what is and is not covered, check with your insurance advisor. Your advisor will be able to explain payment protection in more detail and will also be able to make sure you choose the best plan for you.

Mis Sold PPI Online Guide

noreply@blogger.com (Connected Claims) — Mon, 28 May 2012 10:46:00 +0000

What is mis-sold PPI?

Payment Protection Insurance (PPI) is a form of insurance which is taken out to protect the repayment of debt in the case of the borrower being unable to make payments due to being made unemployed, or suffering, illness, incapacitation or death.

PPI was mis-sold to millions of people across the UK. PPI is classed as mis-sold if: it was added to a loan product without the policyholder's knowledge; the policyholder was misled into believing that PPI was not optional; the policyholder was told that a loan or credit card was 'protected' without the full conditions or cost of the PPI being explained; or if the policyholder was led to believe that PPI would help with the approval of a loan. The mis-selling of PPI happened online too; when lenders presented loan borrowers with pre-ticked boxes offering PPI cover, rather than letting borrowers 'opt-in'.

The mis-selling of PPI happened on a huge scale, with around a quarter of all PPI policies estimated as being mis-sold. This went on for a decade until April 2011. The courts then ruled in favour of the consumer, and banks and other loan companies were told they must return around £4bn to 2.5 million people. This money is only going to be returned to consumers who make a valid PPI refund claim.

Now you understand the definition of mis-sold PPI, you may realise that you are one of the victims. Look through your loan agreement and find out if you have been paying money for 'payment cover', 'ASU', 'payment protection', 'loan protection' or a similar term. If you feel that these policies were sold to you under the false pretences mentioned above you are due a refund, even if the loan which your PPI was covering has been paid back.

You may find that your PPI was paid as an additional charge with each loan repayment, or as a one-off payment at the start of your contract.

A credit report will list all of your financial products for the last six years, so this might be useful if you do not remember who your lender was. It doesn't matter if you don't have a copy of your paperwork for your loan either; once you know who your lender is, you have a legal right to obtain a copy of your original agreement from them for £1. They may not provide the agreement if your account is closed, but you can ask for a full breakdown of your account for an additional charge, which will show PPI payment transfers.

The rules of mis-sold PPI claims state that you can usually only claim if your account was active within the last six years. So as long as you were still paying back a loan and its mis-sold PPI six years ago, even if the loan was taken out ten years ago, you are due a claim.

How much can I claim?

A good Payment Protection claims management company will tell you whether you are entitled to make a mis-sold PPI claim, as well as guiding you through the claims process. You will not be able to reclaim your full loan, but the mis-sold PPI on that loan will likely still be a sizeable sum which you can reclaim.

Payment Protection Insurance: Your Personal Safety Net

noreply@blogger.com (Connected Claims) — Wed, 16 May 2012 06:59:00 +0000

If you have ever applied for a loan, a credit card, or some other form of unsecured debt it is very likely that you have been asked to have payment protection insurance (PPI). As a matter of fact, the creditor may have required you to have payment protection insurance (PPI). This is not uncommon in the United Kingdom, especially in today's market. The economy has become increasingly shaky, with people losing their jobs each day. It would only make sense for a creditor to want to protect their assets. However, having insurance on your debt in not a bad idea; in fact, it makes perfect sense.

What Is Payment Protection Insurance?

Payment Protection insurance (PPI) was designed to help a borrower struggling to stay current with their debts due to an unforeseen event. For example, if a borrower were to be involved in an accident, they would be able to put in a claim for PPI coverage. At this point, the PPI coverage would start, and the debts would continue to be paid. This is why we call it the "personal safety net". A safety net is in place for protection, specifically for the one that will be most hurt by the fall. Therefore, it is highly important that you ensure your safety net is in place (make sure you have PPI).

The In's And Out's

As with most any other insurance, you pay a premium to a company for the added protection. So, when it comes time for making a claim, it should be easy... right? Not exactly! All too often, insurance companies do not want to part with their money. So, what do you have to do?

It is important to find a reputable company that has dealt with PPI claims. These companies understand the "red-tape" issues that all too often hold back claim acceptance. Many people feel that they can just ask for the money, and all is well. That is just not the case. There is paperwork, there are legal issues, or your coverage may be inadequate. Without the proper representation, you just are asking to be denied of your claim rights. Secondly, why should you be dealing with the hassles and headaches that are associated with a claim; especially if you have just been in a nasty accident? You should be more concerned with ensuring that you recover properly.

We insure many things every single day. We insure our homes against fire, water and wind damage. We insure of vehicles from accidents and mishaps. We insure our material property against theft and other random events. Some of us even insure our cell phones, so why not insure our debts. Ultimately, we do not know what will happen to us in the next week, much less in the next hour. Therefore, by utilizing payment protection insurance (PPI), you can relax a little. In the event a catastrophe such as a job loss or vehicular accident occurs, your debts would be taken care of. PPI just makes your life a little easier when the going-gets-tough.

Payment Protection - An Online Free Guide

noreply@blogger.com (Connected Claims) — Wed, 16 May 2012 06:56:00 +0000

In the UK the escalating controversy regarding the wide spread mis selling of Payment Protection Insurance, or PPI, shows no signs of letting up, with figures released last month showing most banks saw a dramatic increase in the volume of complaints in the second half of 2011. Barclays was the unlucky recipient of 'most complained about bank' stigma, although they only 'win' the individual bank award. The worst culprit as a group was Lloyds TSB, who own a number of other High Street Banks.

As well as banks, thousands of complaints were lodged against consumer credit organisations, consumer finance companies and even the seemingly more reputable insurance companies. It would seem that banks are prepared for the 'long haul' as well, as figures released in April show that the amount of recruitment going on in the banking sector is at a record high. This is largely being driven by banks recruiting qualified staff to field the vast amount of calls they are getting from unhappy consumers! The British banks have been in a similar position before, following the endowment policy misselling scandal which caught them severely understaffed, leading as a result to even greater consumer disgruntlement.

So what can you do if you think you were mis-sold Payment Protection Insurance?

Well, there are a couple of avenues you can explore. The simplest is to print off a ready made PPI Claim Letter and tailor it to fit your own situation. Banks are now experienced at receiving these letters, so there's no need to worry about making your letter too detailed, just an overview of why you feel aggrieved.

By law the banks then have eight weeks to respond to your claim. If they do not, or if they respond and you do not agree with their findings you can then go to the financial ombudsman to ask them to provide an impartial review of your claim. They will do so, and decide whether you are due compensation or not. You will need to be patient with the Ombudsman - they can take up to twelve months to decide on cases. However with some of the compensation amounts being awarded it is well worth approaching them and then 'forgetting' about if while they look into your claim.

To assess if you were mis sold PPI there are a number of avenues to consider. Firstly you need to have your PPI agreement and Terms and Conditions to hand as the wording differs between lenders. Bear in mind that if you bought the PPI online, you may have less of a case as the onus is on you to read through the terms and conditions and decide whether it is suitable. If you were sold your PPI by a person though and feel that they did not adequately explain the policy and its exclusions then you should consider pursuing compensation.

If your policy covered unemployment but you were unemployed at the time you took out the cover you could be able to make a claim. If the staff encouraged you take out the policy anyway, or did not ask about your employment status, you are in with a good case. If you were advised of the exclusion but decided to take it anyway, then you will have less of a valid argument.

They also normally (although you need to double check) exclude existing medical conditions as well as common complaints such as back ache and stress. If these omissions were not explained to you by a member of staff, you should consider making a complaint to your lender.

Its also worth doing some research online to see if your seller has already been penalised by the Financial Services Authority. If so, you could have good grounds for pursuing compensation.

There are other grounds for compensation such as feeling unduly pressured to take out the policy by the member of staff, or being told that you would not get the finance if you did not take out PPI (which lenders are not able to insist you take through them). Also, if you had existing cover which would have performed the same job as PPI you should have been asked about this by the seller - if not, again, you could be able to pursue compensation.

Facts about Payment Protection Insurance

noreply@blogger.com (Connected Claims) — Thu, 09 Feb 2012 09:33:00 +0000

Are you planning to take credit card, mortgage or any type of loan for your business but you are hesitant to take risks? Then, you might need the help of payment protection insurance since it will cover you from any damages or unexpected incidents. Remember that you cannot predict what will happen next in your life: you might experience sickness, injury, or unemployment, making it important for you to have an insurance to cover you when such situations happen. Good to know that there is the PPI or commonly known as the Payment Protection Insurance which is provided by the most reputable and credible banks and high street lenders.

Payment protection is also known as a product insurance which is usually made to cover a credit which is currently used in any type of business. Payment protection is usually in the form of credit and is sold through banks and some credit providers. This usually covers the debtor against sickness, accident, death, unemployment, or any type of circumstances which could possibly hinder a person from gaining a salary by which debtor can service the credit.

PPI is available from any type of insurance provider. You can also find payment protection insurance in some companies that provide credit just like PPI. However, it is not important to accept the sale since it may not necessarily be the most important insurance to use in buyer’s needs. Even though it is easier to maintain the track payment protection costs if the firm is associated directly to the product, it covers like loan, mortgage or credit card. So, it is better to look further around and take a wide overview of the market in order to see the best available deal of PPI. Relying on the comparative price on websites can prove functional in looking for an appropriate cover with lower premium every month.

Comparison of Income Protection Insurance and Payment Protection

As far as PPI is concerned, you will find different available types that cover several situations. In a long term insurance, the payment protection protects and secures the policy holder when they are unemployed. On the other hand, the paymentprotection policies provide short-term service and can be used together with a credit card, mortgage, and bank loan in order to cover their repayments.

Income protection insurance works to all products which pay the policyholder for the loss of earnings due to the accident or sickness. The costs paid will depend upon on the kinds of the policy held and will often cover a percentage of the total wage. There is the ASU or known as the Accident, Sickness, and Unemployment Cover that refers to the products which protect borrowing mortgages, bank loans, and credit cards. The type and range cover offered will alter based on the policy, but it is best to bear in mind that even the most important policy will have its end. Thus, it might be good to verify or determine that the policy that being taken out is based on the individual’s personal security and lifestyle.

Payment Protection Plan

noreply@blogger.com (Connected Claims) — Thu, 12 Jan 2012 08:45:00 +0000

A payment protection plan, in short, is a means by which you protect your investment or purchase. In the case of your mortgage, a payment protection plan is insurance you take out to protect you from events that would affect you financially and leave you unable to pay your mortgage. The situations may include events like he lots of your job, illness that leaves you unable to work or involvement in an accident that leaves you incapacitated. If you are unable to meet payments on your mortgage or any other large loan if this or other financially difficult situation should occur, a payment protection plan simply means that your mortgage is paid for a period of time, usually 12 months, while you recover and get your financial feet back under you.

How Does a Payment Protection Plan Work?

What Doesn't a Payment Protection Plan Cover?

A payment protection plan is fairly comprehensive insurance cover, but there are certain exceptions to it where it will not apply. If you are self-employed, for example, redundancy cover is different as compared to someone who is in full-time employment and loses a job. If you are self-employed, you will have to have stopped working altogether because of the injury, illness or accident itself, for example, not because you are simply experiencing a lull in your work.

If you are in full-time employment, there are some cases where a payment protection plan also will not cover you. For example, voluntary redundancy will not let you claim unemployment insurance. Because this is a choice you have made and not something that happened out of your control, any claim made would be void. If you're still not sure what is and is not covered , check with your insurance advisor. Your advisor will be able to explain payment protection in more detail and will also be able to make sure you choose the best plan for you.

Reclaim PPI- A Brief Guide

noreply@blogger.com (Connected Claims) — Thu, 12 Jan 2012 08:41:00 +0000

All over the UK the issue of reclaiming PPI (or Payment Protection Insurance) is coming to the forefront of people's minds.Payment Protection Insurance is a form of insurance that is used to cover an outstanding debt, usually on a loan or overdraft. Used to cover death, sickness, unemployment and so on, PPI has often been sold under a number of different names, and has been subject to controversy of late due to the fact that many people who were sold PPI were so unwittingly, without need, want or understanding of what they were getting.

There are a number of cases in which a person may be able to reclaim PPI. If the person was unemployed, retired or self-employed for example, they would have no use for PPI and could therefore legitimately reclaim the money taken from them. You may also be entitled to reclaim PPI if you were mislead during the sale of PPI (for example, if you were told that it was necessary for you to purchase it from that provider and not made aware of independent suppliers); if you already had PPI in place; if you paid a lump sum and weren't made aware that you could pay in installments; if the terms and conditions were not explained to you clearly or if you felt you were pressured into purchasing the insurance from the supplier against your will.

It is estimated that around 70% of people in the UK may have been mis sold PPI and are therefore eligible to reclaim, although they may not be aware of it. However, many people may feel reluctant to do so due to perceived time and effort it would take. Many people also feel that they will be charged should their claim be unsuccessful, that they would only get a partial refund, that they would not be eligible to reclaim if their account has been closed for a substantial amount of time or that they would be entitled to nothing if the insurance policy itself was not defective.

All these worries however, are largely unfounded. There are many companies operating within the UK that specialise in PPI claims, as well as a huge number of websites that can help guide you through the process.

A great many people throughout the country have managed to reclaim their money successfully, in fact there is a very high claim success rate, and you should not feel deterred should you believe you are entitled to a refund. Many people are also granted a refund simply by writing to the company who mis-sold the policy to them, stating their grievances and demanding that their claim is dealt with straight away. However, if you are not offered a fair refund from the company, and still feel that your claim matches the criteria above you should continue with your appeal. Many companies will be able to process your claim and get you a good refund within six weeks, with very little hassle or effort needed from you.

Reclaim Payment Protection Insurance

noreply@blogger.com (Connected Claims) — Thu, 12 Jan 2012 08:36:00 +0000

When taking out a mortgage, personal loan, credit card or store card, it’s most likely that you have come across certain insurance policies to cover your repayments if for some chance you are unable to work or made redundant. These insurance policies are known as PPI (Payment protection insurance). However PPI have gained bad press over recent years due to a mis-selling scandal in which Payment protection does very little protecting. So how does one reclaim payment protection insurance?

If you think you have been mis sold PPI then the first step to take is to contact your bank or whoever arranged your loan and insurance, to revise the policy and highlight why you deserve a refund. Many organisations offer help and advice with this initial approach to reclaim payment protection insurance with sample letters and in-depth advice. Your bank will then accept or reject your claim within 8 weeks. However it’s worthy to note that most banks may be receiving new claims whilst working on existing requests to reclaim payment protection insurance.

In most cases however, you needn’t contact your bank. Banks are legally obliged to contact their customers if they have reason to believe they have been affected by mis-sold PPI. Some have recently promised to repay all affected customers on a "no-quibble" basis. Some reasons for mis soldPPI can be down to banks systematic failures such as:

· Call centre staff giving the impression that borrowers will only be accepted for their loans if they signed up for PPI

· Training staff wrong

· Automatically including the cost of the policy in the loan repayment quote

Even though Banks are obliged to contact you, it is still wise to proactively seek to reclaim payment protection insurance due to the number of new claims or if your situation isn’t being looked into.

The main problem with PPI is that there are over 20 million policies within the UK alone which generate billions for credit providers. Insurance is not included in a loans APR. So it may appear cheap on the surface. Also, premiums are often placed on the front of the loan so you end up paying the interest on them during the loan period. Some claims don’t even allow you to make a claim after the 12 month period whilst you continue to pay your premiums.

Some companies offer services to reclaim PPI in which you discuss your eligibility and where you were mis-sold PPI before being given a complaint letter to forward onto your bank or loan provider.

Payment Protection Insurance: What You Need To Know

noreply@blogger.com (Connected Claims) — Fri, 09 Dec 2011 08:59:00 +0000

PaymentProtection Insurance, generally known as PPI, has become a very controversial financial product that was widely sold during the early twenty-first century, although it is now less widespread. This protects your loan status in the event that you are unable to make a payment. This type of insurance covers mortgage, rent, and other monthly payments instead of just a single loan. PPI benefits the lender, not the consumer. Fully 85% of these payment protection insurance claims never pay out. The consumer must submit ppi claims within a certain time frame after the triggering event and then wait 3-6 months for the policy to become active.

It becomes difficult for one to determine whether the PPI is right for them or not as this insurance is different from the other insurance policies. In other types of insurance, you will find some claims rejected and some claims accepted and this is common, but not in PPI. There are several ways that PPI was regarded to have been mis sold. According to the FSA (Financial Services Authority) 75%-90% of both single and regular premium PPI policies may have been mis-sold in the UK. The Mis Sold PPI policy scandal arose from the banks passion for profits, there was simply too much money to be made from selling a policy alongside a loan, secured loan or hire purchase agreement, and to a certain degree credit or store cards. There are two main reasons why you should take your case to court if you have been mis sold PPI. Firstly, you should press forward to claim back that which was wrongly taken from you and see justice done. Secondly, you should join the many people who have successfully won PPI refunds to declare to the guilty party that they cannot get away with such corrupt action. First of all, you should consult with a PPI claim expert. They can help give you the peace of mind necessary for any legal action that may be viable.

Therefore seek out your documents, and be sure you check out whether you've been mis sold PPI so you can receive a slice of the compensation that is certainly attributed to you throughout this window of opportunity to claim. Today there are several online firms available who specialise in PPI and its consequences. These professionals are skilled at fighting for your right to receive the payments that you deserve. Reclaim PPI today can give you extra money to do what you wish with. There's really no better reason than that to look into filing a claim.

Getting The Debt Advice You Need

noreply@blogger.com (Connected Claims) — Fri, 09 Dec 2011 08:54:00 +0000

You're in debt. You need expert debt advice and help. Where do you go and who can you trust? There are places that offer debt advice. They can be found online or right in your community. They will offer a variety of solutions to your debt problems. The random lifestyle, unplanned budget and increasing needs often surpasses a person's earning against his expenditure. Such situations make a person debt prone leading to the burden of multiple loans. The debt advice is only the beginning of the road to recovery. Hopefully the free debt advice will be able to help you start a new way of living.

Some of the techniques that are included in the process of debt advice are:

Debt management - help consumers with repayments that have become too large to handle on their own.

2. Debt consolidation - A method of replacing multiple debts with one loan.

3. Debt negotiation - a process wherein an individual or entity suffering from severe debt issues negotiates with their lender, with the end goal of settling their debt for less than the original amount

These techniques aim to provide answers to the people who are either struggling with their debts or want a better way to deal with the accumulated debts.

The internet is a good place where one can find numerous websites dedicated to financial advice. It is a reliable free source for gaining useful information. Simply type the words "debt advice" into the internet search bar, hit the search button and within a matter of a few seconds, thousands of doors will open to give you free and useful debt advice.

If you need urgent debt help or free debt advice in the UK then there are a number of options available to you:

1. The Citizens Advice Bureau.

2. The Consumer Credit Counseling Service (CCCS)

3. A solicitor.

4. A debt management company.

In other countries, options will vary. It's a good idea to seek advice as soon as your finances start to become unmanageable. Debt advice can range from tips on how to budget more effectively to guidance on negotiating with your creditors. The right solution could help you reduce the amount you're spending each month on payments to your unsecured debts.

How To Reclaim Your Mis Sold PPI?

noreply@blogger.com (Connected Claims) — Fri, 09 Dec 2011 08:43:00 +0000

Over the last ten years, PPI claims have been big news. Loan and credit card providers have routinely mis sold PPI to those for whom the insurance policy is inappropriate. Payment Protection Insurance or PPI is an insurance policy usually taken out alongside mortgages, personal loans, credit cards or finance for high value products. Payment Protection Insurance (PPI) can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection. PPI is optional, it is never mandatory, if you were told you had to take Payment Protection Insurance, this is wrong, and you may be compensated. The FSA has stated that lenders have to justify why single payment policies are suitable for clients. Were you aware of the method of paying for your PPI? If not, it is possible that you have been the victim of a mis-sale.

The problem with PPI is that it is not suitable cover for everybody. If you are unemployed, retired, self-employed or have an illness that could stop you from working in the future, PPI will not cover you, however this didn't stop cases of mis sold PPI taking place. Mis sold PPI is common due to the fact that the lender can make a large commission from selling it. How do you know if you have been Mis sold PPI and therefore entitled to reclaim PPI payments? To check to see if you took this out then find your loan agreement or credit card statement and see if it includes PPI.

Mis sold Payment protection insurance occurs when the customer isn’t fully informed of their rights, and asked the proper questioning as to whether they need Payment Protection Insurance during the sales process. To reclaim PPI it is important to establish whether you were originally mis sold to. If you are worried that you have been mis sold PPI, you can seek out help from a number of online companies to help with your Payment Protection Insurance claims. Today there are several online firms available who specialise in PPI and its consequences. A good PPI claim enables consumers to quickly and easily obtain a way to make payments on their loan in the event that they are not able to meet the financial obligation. However in many cases PPI claims were rejected by insurance companies for various reasons, leaving the consumer out of pocket and struggling to their meet monthly commitments.

Reclaim PPI - Get Complete Information

noreply@blogger.com (Connected Claims) — Mon, 07 Nov 2011 13:31:00 +0000

PPI or Payment Protection Insurance is one of the most commonly mis-sold finance options in the world. There are a huge range of people who have been mis soldPPI and because of it are now out of pocket. However, you are able to make reclaim PPI and ensure that you get your money back. You will need to do some research though and with something like this it's great if you know your stuff.

Payment protection insurance is an insurance that will make repayments of some of your loans, credit debt, mortgage, etc in the event you are unable to work due to illness or accident, as well as if your job entered into redundancy. PPI in itself really is not a bad thing, however, with the mis-selling of it by unethical sales people it is no wonder that the reclaiming is as high as it is.

PaymentProtection Insurance Policies are deemed mis-sold under the following circumstances:

- Failure to state that PPI is optional.
- Failure to state unsuitability for the Self-Employed.
- Failure to give transparent information about the product and its real cost.
- Failure to advise that product is a single premium policy.
- Failure to disclose that advisor is an agent earning a commission.
- Failure to advise of requirement conditions of employment status

The first step in claiming back your PPI is to write a letter to your bank/lender asking for a full refund. They will definitely reply with a variation of 'no' to which you need to be more forceful, threaten legal action and declare your intent to involve the financial ombudsman. They will probably continue to respond with a range of answers ultimately dismissing your claim, albeit wrongfully, as they have no fear of your authority. The key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.

A compensation claim for PPI is very likely to hold up in court. For instance, in the five years between 2004 and 2009, the courts upheld over a million claims. Furthermore, current estimations indicate that 95% of claims are successful, and this is only fair. The banks continue to make large amounts of profit, while the public, in general, suffer, PPI claims are a way of biting back.

It is still advised for UK consumers to be knowledgeable when getting loans especially unsecured ones as insurance mis-selling continues to evolve. A few of which are reducing the coverage and raising premiums.

Payment Protection Insurance Policies – A Free Guide

noreply@blogger.com (Connected Claims) — Mon, 07 Nov 2011 13:26:00 +0000

In the UK the issue of recovery of the PPI came to the forefront of people's concerns. Payment Protection Insurance is a form of insurance, which is used to cover the outstanding balance of a loan or overdraft. There are a number of cases in which a person may be able to reclaim PPI. If the person was unemployed, retired or self-employed for example, they would have no use for PPI and could therefore legitimately reclaim the money taken from them. You may also be entitled to reclaim PPI if you were misled during the sale of PPI.

It is estimated that 70% of the UK may have been mis sold PPI and therefore entitled to recover, although it may not be aware. However, many people may feel reluctant to do so due to perceived time and effort it would take. Many people also feel that they will be charged should their claim be unsuccessful, that they would only get a partial refund, that they would not be eligible to reclaim if their account has been closed for a substantial amount of time or that they would be entitled to nothing if the insurance policy itself was not defective. All these concerns are largely unfounded. Many companies operate in the UK who specializes in PPI claims, as well as a huge number of sites that can help you through the process.

Many people around the country have managed to successfully recover your money, in fact, there is a high demand rate of success, and you should not feel discouraged if you believe you are entitled to a refund. Many people are also granted a refund simply by writing to the company who mis-sold the policy to them, stating their grievances and demanding that their claim is dealt with straight away. However, if you are not offered a fair refund from the company, and still feel that your claim matches the criteria above you should continue with your appeal. Many companies will be able to process your claim and get you a good refund within six weeks, with very little hassle or effort needed from you.

Know about Payment Protection Insurance Policies

noreply@blogger.com (Connected Claims) — Mon, 07 Nov 2011 12:43:00 +0000

Insurance payment is useful in situations such as illness, accident or redundancy. There are two types of Payment Protection Insurance policies offered: Monthly Premiums and Single Premiums. The monthly premiums, unlike a loan, paid monthly. They can be terminated at any time and interests should not be added to the monthly payment. These products are slightly more expensive when provided by the lenders, even if they pay back a small amount. Single premium is generally designed for 36 or 60 months, and then transferred to the loan principal. Single premium policy can not be cancelled in the meantime, because when the amount is paid, it becomes part of the loan. Credit card providing companies are likely to sell PPIs, in addition to banks and insurance providers. One should go through the PPI policy well, before getting into it. Because, there are so many issues related to this payment protection insurance. Some people believe that, certain PPIs miss sell their insurance policies to the wrong customers. Hence you should consider certain things before buying a PPI. Initially, the cost of the insurance policy must be taken into consideration. The Financial Services Authority (FSA) provides certain comparison tables, through which the best policy could be picked up. If you have enough policies to take care of your unexpected sickness or accident, then this seems to be not needed.

There are some PPI policies, which do not help in certain situations, say they may not be applicable to self-employed people. They also take into consideration about a particular health condition like back injuries and stress related problems. So such cases must be taken care of and only after analyzing whether the policy is applicable for you or not, and then go for it. The policy's duration for pay out must also be noted. There are some policies that cover the repayment of loans or credit for 12 months. There are also some other conditions to be considered. The PPI must know about your exact working details and other important details. Your annual income has a lot to them and that is why it is properly included. After taking the payment protection insurance, make sure that the payment is recorded and understood. PPI prices vary and so it is best to shop around before taking a policy. PPI claims is a process used for those people who are not satisfied with their payment protection policies and trying to demand their money. There are few organizations in Britain to take care of these allegations, and help people to recover their money. Once this is processed their policies are cancelled. The ReclaimPPI is processed when a miss selling is done and the insurance sold to the wrong client.