Have I been mis sold PPI?
For very good reasons, many people are unaware of what PPI is. In order to clear up any misunderstanding, it stands for Payment Protection Insurance.
In theory the idea is quite good. It is a form of insurance policy that covers your repayments on a loan, mortgage or credit card if you are out of work as a result of accident, sickness or redundancy. So let’s suppose you had a car accident and were off work for four months, the policy would take over and pay each month’s repayment for you until you went back to work.
Banks and other lenders have been offering this kind of policy for years, but unfortunately in a huge majority of cases it has been what is termed as “mis sold”. That is a euphemism for “they told you lies”. Even if they didn’t actually lie to you they may have done one of a number of other things such as not enquiring whether you wanted it, adding it on to your loan without telling you, implying that you had to have it in order to get the loan, and so on.
They had good reason to sell you PPI because 80% of the premiums they charge for it are pure profit. Make no mistake: you may have paid thousands for no benefit whatsoever.
When asking the question “have I been mis sold PPI?” you may not even have realised that you had it, so how would you know? Too many people make the common mistake of putting this question directly to the lender. Have I been mis-sold? All lenders will say NO and will send you their final response. So why risk thousands by asking that question with the company responsible. It make no sense to do that.
Frequently the cost of PPI is added on to a loan at the outset, so not only are you paying for it, you are also paying interest on it!
Fortunately, some years ago the government cracked down on this and now the banks and other lenders are being forced to repay not just the premiums that you paid, but interest on top. This means that you could be owed many thousands of pounds by a lender. In fact, the average amount that we recover for our clients is £3,000.
However, getting the money from them is not an easy job. As you can imagine, they will use any escape route they can in order to avoid repaying your mis sold PPI, even if it is nothing more than simply ignoring your letters.
They may also just reject your claim. This means that you have to go through an appeals process which can take up to two years.
Luckily, at ClaimsPower we know how to deal with banks and other lenders, and in turn they know that when they are forced to deal with us on your behalf we are not going to back down. We actually recover mis sold PPI in 94% of all the cases we handle.
What’s more, in the unlikely event that we are unsuccessful we won’t charge you a penny! When we do succeed our fee is just 18% of the amount we recover for you, which is lower than any competitor.
Even if you are not sure that you have been mis sold PPI, or don’t even know whether you had it or not, we can still investigate on your behalf. There are 21 different reasons why you may have been mis sold PPI which we can help you check against.
Simply click on the “File A Claim” link and complete the online form which will take just five minutes. Don’t worry if you can’t remember all the answers – we’ll help you.
We will give you a dedicated account manager who will handle your claim and keep you up to date with the progress of your case. Do it now – you can’t lose a penny, but you could be several thousand pounds better off in a matter of weeks!