We came across a wonderful interview from Martin Lewis aka the Money Saving Expert on tips about PPI mis selling. We are bombarded with TV ads for PPI mis selling and telephone calls for PPI claims, but what does it all mean? Martin Lewis, the Money Saving Expert helps to explain the facts.
Maple leaf financial is a claims management company, NO we don’t cold call or create any mis leading TV ads, we are open and honest. Hey, when we get home we also have to put up with those anoying calls and TV ads and if you read our blog you will see us complaining as loudly as the next person.
Money Saving Expert Martin Lewis gives tips on PPI mis-selling
What is PPI mis-selling?
PPI stands for ‘payment protection insurance’. In simple terms, it’s an insurance designed to cover repayments on loans, cards and other debt in case of accident, sickness or unemployment. Though it may also have been called payment cover, ASU, loan care or similar. If you’re unsure, ask your lender.
The problem was banks systematically mis-sold this insurance – which often made them more profit than the loan itself. They pushed it on to people who didn’t need it, lies were told about the fact it was compulsory and it was even added to people’s loans after they’d refused it.
So far, over £9 billion pounds has been paid back, people send me messages via Twitter, Facebook and email every day telling of their successes.
Since a 2011 court case it has become a lot easier to reclaim yourself – though that doesn’t stop claims companies spamming, to try and get their 30%.
Is PPI always bad?
No. It wasn’t a bad policy. The idea of having your repayments covered if you were ill, sick or out of work is a good one. Yet bank policies were often given to people it wouldn’t cover and were massively over expensive – often the payout would only last a year and be far less than the premium costs.
It is important to say – having PPI doesn’t mean you can reclaim it – you need to have been missold it as well.
What counts as mis-selling?
Companies were obliged to ensure PPI was suitable for the customer at the time they got the policy – and to explain relevant omissions. The main mis-selling categories include:
Being told it was compulsory. Many were told this, and it’s simply not true.
Not being told it was added – or adding it when you said no. Some people will be thinking they never had PPI – but they did – it’s just the cost was hidden within the repayment.
You have existing medical problems. If so, they should’ve told you these were excluded from the cover. If not, you were likely mis-sold.
You were self-employed, unemployed or retired. Most PPI includes ‘unemployment cover’ which would likely have been useless to you, so you were paying for cover that was not needed.
How do I reclaim?
In a nutshell, you write or call up your bank and tell them that you think you were mis-sold and want the money back. There is no time limit, so this is for loans still active, and those long past.
Martin’s detailed help, a full FAQ and template letters are available here: reclaim PPI for free and you can also look at the resources from Which.
The most important thing to say is if you genuinely feel you’ve been put off, and the bank rejects your claim, then it isn’t over.
You’ve a right to go to the free Financial Ombudsman service – it will adjudicate independently.
Over 50% of people who get rejected by their bank get ruled in favour by the ombudsman – that’s where real justice often lies.
Sometimes people end up in the arms of the claims companies because they’ve simple questions but no-one to ask, but actually if you’re still stuck, you can call the Ombudsman on 0800 023 4567 (or 0300 123 9123 for mobiles).
And here are a few common queries answered:
I can’t remember who my lender was. Check your credit files at www.Equifax.co.uk and www.Experian.co.uk – you have a legal right to see them for £2.
Can I claim on more than one account? Yes. Each PPI insurance policy is a separate claim.
What if my lender has gone bust? If that’s the case, reclaim from the Financial Services Compensation Scheme, which covers the liabilities. Or if it’s been sold, like Egg card, go to the company who bought it (in Egg’s case, it’s Barclaycard).
Original Martin Lewis (Money Saving Expert) article : http://shows.stv.tv/this-morning/lifestyle/230534-money-saving-expert-martin-lewis-gives-tips-on-ppi-mis-selling/
Maple Leaf Financial PPI Claims
Maple Leaf Financial will contact your lender and negotiate on your behalf for your offer of settlement making sure that all calculations are correct and that other previous and subsequent loans have been taken into account.
Claiming your money back just got more personal – we’ll explain how we do it. Call now on 0800 7747 624
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