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PPI Reclaims Explained

posted 25 Oct 2010, 03:30 by Sam Mbale   [ updated 25 Oct 2010, 03:31 ]

Is there a difference between a PPI Claim and a PPI Reclaim?

A PPI Re-Claim is much simpler than a PPI Claim, and much,
much more likely to be successful. A PPI Re-Claim is a legal
process to establish how the PPI policy was mis-sold in the
first place by the finance company's sales person (who also
sold the loan), and to get the lender to pay back the
premiums paid by the borrower in respect of the PPI Policy.

A PPI Re-Claim does NOT pay back the loan, only the
insurance premiums for the policy taken out to cover the
repayments in the event of the borrower experiencing loss of
earnings.

If any of the following apply to you you could claim back
your PPI premiums:-

1. Were you self-employed or not working at the time you
signed up for the Payment Protection Insurance PPI cover?

2. Were you pressured into signing up?

3. Were you informed you had to take out the PPI at the same
time as you took out the loan or mortgage?

4. Were you (or would you become during the course of the
policy) the wrong age specified for PPI?

5. Were you told the PPI increased your chances of getting
the loan?

6. Did they omit to tell you that you had a choice to look
elsewhere for PPI cover?

7. Were you told or given the impression that the PPI cover
was compulsory?

8. Did you have to pay upfront for the PPI but were not told
that policies are available where you could pay monthly?

9. Did you ever increase your loan and find that your PPI
premium was raised too without your consent?

10. Did they fail to ask if you had other insurance that
would cover the loan? (It doesn't matter if you didn't.What
matters is that they asked you.  For instance, you may have
had a separate loss of income protection policy through an
insurer.)

11. Did they omit to tell you there were some exclusions
that might affect your eligibility to make a Mortgage
Payment Protection Insurance claim?

12. Did you pay an upfront premium, repay the loan early but
then still not receive a refund?

13. Did they fail to fully explain the terms and conditions
to you?

14. Did you ever experience a loss of income and then try to
make a claim on ANY of your PPI policies? If, yes, was it
successful?

If you answered YES to any of the questions above there is a
good chance that you were mis-sold your Mortgage Payment
Protection Insurance PPI policy.

If you have, or have had, more than one PPI policy in the
last 10 years, even if the finance that was covered has now
been repaid, you should ask yourself the mis-selling
questions for each and every PPI policy you have had.

It is possible to make a mortgage payment protection
insurance claim yourself but why bother when you can have
your claim submitted free by and experienced and qualified
solicitor?  This saves you the time, energy and stress of
having to deal with your lender yourself and also means they
are much more likely to take your claim seriously and pay up
sooner!


About the Author:

To find out more about ppi and how to make a ppi claim which
could be worth thousands on pounds to you visit
http://www.ppifreedom.co.uk


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