Most people are aware of the issue of mis-sold payment protection insurance (PPI); we’ve all seen the ads, right? The fact is there are still millions of pounds being reclaimed every month by those who have been sold PPI under false pretences. The Claims Advisory Group claims £2m worth of PPI a month alone! Despite being inundated with adverts about ‘mis-sold PPI’, though, many are still unsure about what the deal is with the whole thing. What is PPI? Have I bought it unknowingly? If so, how on earth do I go about getting it back?!
PPI is a kind of insurance that is available to a person taking out a bank loan. It covers the person if they were to find themselves in a situation in which they couldn’t work and therefore no longer repay their loan (i.e. due to illness or injury). However, over the past ten years (this is the bit we know from the advert!), many have been sold PPI without even being aware they were buying it. They paid for the insurance with no knowledge of ever having purchased it. Another reason that makes a person eligible for reclaiming PPI is if they were sold it under the impression that it was compulsory; PPI should always come as an optional extra.
Now, here’s the more technical side to it. A person only gets one chance at reclaiming PPI; if they are unsuccessful, it’s game over. That’s why it’s a good idea to go with a group like the Claims Advisory Group, who employ an expert team of financial negotiators. This is what these people do for a living, meaning you are much more likely to succeed in your reclaiming of PPI if you go with a company like them, rather than tackling the situation alone.
Claims Advisory Group knows it can be difficult to convince a lender the correct result of a claim resolution. In order to get the best chance of succeeding, a person’s claim must be assessed properly and fully.
The problem of mis-sold PPI is ongoing. It was recently revealed that banks have had to hire an extra 20,000 members of staff solely for the purpose of PPI claims. This was due to the fact that the total number of complaints increased by 110% from the first half to the second half of the year.
If you have taken out a loan in the past ten years it is definitely a good idea to think about whether you could have been mis-sold PPI. You could be owed anything from a couple of hundred pounds to tens of thousands of pounds. One client of ours, Mrs J Millsom, was refunded a huge £34,621! So take a minute to consider the money you have borrowed in the past; it really could pay.