Mis-Sold PPI - Are You a Victim of Mis Sold PPI? Payment Protection Insurance PPI is designed to provide a guarantee to borrowers who find they can't earn money and maintain repayments because of a variety of unexpected events.
These events could be an accident, illness or loss of income due to dismissal or redundancy. The insurance will then cover your repayments for a preset period. This sort of insurance is sold in association with all kinds of financial transactions, for example transactions involving credit cards, store cards and loans, whether secured or unsecured.
As a result of this new act, there are millions of Mis-Sold Credit Insurances that now prove to be flawed, unlawful and ultimately unenforceable by the lenders that furnished the monetary funds. Therefore there are millions of consumers that may be eligible legally to having these mis-sold loan agreements terminated and the balance owing wiped off, without affecting their legal rights or credit history.
PPI is doubtless of great value if you are taking out finance. It offers the happiness of knowing that if you can't work and have a period of not being able to make payments, due to redundancy or an accident, then your payments will be covered. Folk fret about their credit history being influenced should they skip payments and therefore PPI is truly helpful. There is no rule asserting that you've got to have PPI. You can always just take out the finance. You do not have to have such cover. There are lenders out there that may say that this is the case but it's not. To permit yourself to make an informed decision, you must look at the personal benefits of PPI. Should you take out PPI, and then you don't have to do so with your lender. Though it isn't compulsory, a lot of people like the safety it provides. You should though, remember that a PPI can prove very pricey with certain lenders and suppliers. The finance company that you're taking out the finance with does not have to be the company that you take out the PPI with. So you must shop around a bit, and see which establishment will give you the best offer. It is not always the case that PPI proves beneficial. For some people it can finish up being quite a waste of money. For instance, a self-employed person might be covered, but then uncovers that he should make himself redundant. He would not benefit from the policy in the slightest. Some quotes appear horrendously inflated, and that is typically because they have just had PPI added to them. Causing folks to unknowingly have PPI. Always check when you are given a quote, whether it does or doesn't have PPI costs added to it.
The Process For Identifying Mis-Sold Protection Policy
By this time you are no doubt wondering if you have any any PPI on any of your finance agreements.
In order to find out if you have a ppi added to your loan or agreement, all you want to do is look at your bank statement. You'll doubtless note a fee coming out every month. After you identify the charge, link it to your policy. You must see the PPI type that you are being charged for. Typical mistakes made when people see these costs is they mistake them for buildings and contents insurance or some other kind of life cover policy payment. These fees mount up to a considerable amount particularly if you've been paying for the policy for a few years. The everyday example may be you have a ppi policy for a secured loan you took out for ten years. You've been paying this policy for six years and you have been paying £45 per month. When you claim back your mis sold PPI you are usually permitted to recall upto 8% compounded interest on the mony you have paid. In order to demonstarte effectively what you'd be entitled to the calculation would follow.
£45pm x 72 month 6 years = £3240 paid on the policy. The compounded interest you can cliam back would be £900 - £910 depending on what policy was sold to you generally at the time. The final amount being £4141.14 you might claims back. Most standard ppi policies range between 3- 5 years before they expire and need to be replenished. There's a possibility you might have been charged renewal fees and had further costs added to your loan without you being aware of this.
Take some advice and dig through all of your policies. Identify the
Mis Sold PPI policies and see if you qualify to claim back your cash.
a standard PPI policy won't be OK for everyone, and could well be a waste of your money, altogether. For instance, it wouldn't be appropriate for a self employed person to pay for insurance cover guaranteeing payments in the event of redundancy.
Thankfully the whole practice has been outlawed from May 2009.
But now could be the time to get everything back you've been overcharged.
If you suspect that you will have a
Mis Sold PPI policy or an unenforceable credit agreement then get in touch with Challenge My Credit straight away. We provide a very smooth and efficient service. All you need to do is get on the phone and call us or visit our website and we're going to call you back as fast as feasible to discuss your claim. You have nada to lose and much to gain. Your money belongs in your pocket and not in a CEO of a fiscal company or banks annuity fund of £7 million.
ChallengeMyCredit has a panel of solicitors who
specialise in this Mis Sold PPI field and have successfully claimed back 1000's of pounds for our clients.
The Mis Sold PPI claims process works for all credit types though the levels of success are decided by a number of factors. The average UK household has £17,000 worth of debt excluding the mortgage, have you taken out any credit over £2000 in the last twelve years? The reason i ask is we all know that a very high proportion of loans, credit cards, mortgages etc that were sold with insurance added Single premium payment protection Insurance have the highest success rate and clearly mortgages are the most difficult to have overturned.
this suggests you can :
- Reduce or Clear your outstanding credit balances.
- Claim back payments already made.
- repair your credit history
Do you have a loan, credit card, auto finance or Accident, sickness & Unemployment Insurance? - Was this prepared before 06/04/2007?
Answer yes to both these questions and we will help you with your Mis Sold PPI claim.
How will this benefit me? What will I receive back? Depending on the conditions of each agreement that we prove to be unenforceable, you may be entitled to claim
- Any due balance.
- Compensation for interest paid.
- Reimbursement of any charges levied.
It appears too good to be true! The process is actually quite advanced and customarily takes a highly qualified contract counsel to follow.
We have dealt with thousands of Mis Sold PPI claims and have set-up a bulk process to handle the Mis Sold PPI claim. This implies that, with your authority, we're going to deal immediately with the lenders and you do not have to be involved when you have requested our services.
How will I know what's going on with my claims? we're going to keep in touch with you throughout the process to give you a status report of any claims.
You will be ready to log into our online portal and see real time updates on your claim too.
Or you can contact us at any point to discuss the Mis Sold PPI claim.
In summing up massive numbers of ALL credit agreements entered into prior to April 2007 are unenforceable!
You are due compensation for this!
We will achieve a bigger settlement than you are likely to by yourself!
we usually try to gain the maximum settlement for you without keeping a percentage proportion of the claim.
Call Us At ChallengeMyCredit to discuss your Mis Sold PPI claim queries today. Click on the link to access more information
Our customer services manager can be contacted by writing to: ChallengeMyCredit / Money Advice Partnership
Suite 222
Pentagon Business Centre
Washington Street
Glasgow G2 8AZ
Tel: 0141 243 2458 Fax: 0141 204 0368