According to a recent article in The Independent, some three million consumers in the UK may be entitled to start reclaiming PPI premium payments after being mis-sold their policies. So what is PPI, and why could so many start reclaiming PPI payments?
If you’ve heard people talk about reclaiming PPI, they’re talking about Payment Protection Insurance. This is an insurance policy taken alongside a loan or other credit agreement that covers you if you are sick, injured or otherwise unable to earn a salary to keep up with repayments. The reason so many people are reclaiming PPI payments is because in many cases they should not have been sold the PPI in the first place.
Who Is Reclaiming PPI Payments?
Anyone who can prove they were mis-sold PPI can start reclaiming PPI premiums. This could include people who were self-employed, unemployed or retired when they were sold the policy. Other instances that could result in customers reclaiming PPI payments include where they were not offered either an opt-out clause or a cooling-off period. Any of these situations may well result in the consumer being entitled to start reclaiming PPI premiums.
Why Are They Reclaiming PPI Premiums?
If a customer has been wrongly sold PPI, then they are reclaiming PPI payments because they have been paying for something they didn’t need, or in many cases, couldn’t use. When they took out a loan, for example, many brokers will have added the PPI premium onto the value of the loan, meaning the consumer pays interest not only on the loan, but also on the premium. This can add significantly to the total repayment amount and can lead to repayment problems. Reclaiming PPI premiums returns all this money – the original premium, plus the interest paid – to the consumer.
How Are They Reclaiming PPI Payments?
The simplest way to start reclaiming PPI premiums is to use a PPI claims solicitor. Many work on a no-win, no-fee basis, so there is no risk to you. So don’t miss out – call us now on 0800 123456 to check if you can start reclaiming PPI payments.
