Reputable information from the FSA (Financial Services Authority) claims that there are roughly millions of customers throughout the UK, specifically, who have been sold PPI within the last decade

Mis-Sold PPI Policies

There are countless reasons why PPI may have been sold erroneously, e.g., it may have been an addition to the finance plan without the individual’s knowledge. Some of the more common reasons have to do with medical issues whereby the individual was unable to work, or maybe he or she happened to be unemployed for some reason, and lastly for retirement reasons. If any of these issues apply to the current situation, it may be wise to seek assistance for all of those missed claims.  It might be helpful to provide a shortlist of some very strong reasons to initiate a PPI claim right now:

1. First, the money may have been taken unjustly by the apparent lending entity without actually being in need of PPI, wanting it, and in certain unfortunate circumstances, perhaps even unknowing that the individual has been paying for it.

2. It may actually be possible to have the entire or at least a portion of the debt erased. It was September 09 in which a judge ruled that a young woman could have her complete debt removed after being sold PPI erroneously.

3. The FSA encourages the individual to make payment claims to receive money, at which point, they can effectively pay out those that require compensation.

4. It is quite possible to reclaim PPI on any existing borrowing that has already been paid off.

Taking a close look at payment protection insurance may be useful at this point, as it will be essential to state that PPI is not credit card coverage or income protection. PPI simply covers a minimal loan, or what some may refer to as overdraft, which is a payment for a period that takes place for roughly 12 months. At this point, the borrowing entity has to find an additional method in order to repay the debt, even though the period that is included by the standard insurance company is in most cases long enough for individuals to resume work, i.e., to begin paying on debts again.

With all types of insurance claims, there are some accepted, while others are rejected; although, as far as PPI is concerned, the amount of rejected claims can sometimes be higher than other kinds of insuring companies. So for reasons explained herein, it is essential to examine the ways in which a PPI claims may be awarded. Customers need to follow essential guidelines when viewing their unique set of circumstances, as policies tend to differ from one another relatively often, and it is up to the customer to understand the applicable rules. Moreover, individuals seeking out a PPI without the proper advice might suffer when it comes to a policy that does not work in his or her favor. As mentioned earlier, many customers do not often know if they are insured or not; this kind of ignorance needs to be confronted before beginning any type of claim, or before working with PPI in general.

 

Can I claim?

PPI refers to payment protection insurance. This is the insurance that is sold in concert with finance agreements such as credit cards and loans; they help make sure that payments will still be made on a timely basis if the borrower does not have the ability to make them due to being unemployed or sick. A large number of PPI policyholders, however, have since discovered that they cannot use the insurance because they would not be able to claim it due to a number of reasons. For example, retired policyholders would find the insurance useless, as would self-employed policyholders. For these and similar reasons, there were a lot of policies that were missold.

There has since been a ruling, however, which is now accepted throughout the insurance industry, that states that banks are now required to go through their records to find any missold PPI policies. Once these are found, banks are required to let policyholders know that they might possibly be able to get their paid premiums back. This is the essence of a PPI claim.

As stated above, it is now the responsibility of the banks to start identifying which of their customers were missold PPI. The rules of the Financial Services Authority, or FSA, state that banks by law have to contact customers when they observe a systemic mishandling of how policies were sold. For example, if the literature for marketing that was sold in concert with policies was not in compliance with the guidelines of the FSA, customers must be informed.

Banks will have to send these customers letters that explain in detail how their premiums may be refunded. As a consumer, if you receive a letter from your local bank, this indicates that the bank involved with your PPI policy was able to find a mishandling with the sale of your policy. If you receive such a letter, you should follow any instructions included in the letter from your bank so you will be able to pursue a claim. Although there is no guarantee that there was a missale of the policy, the chances are very high that this is what occurred, and as a result, you will be due compensation.

On the other hand, if you do not receive a letter, this by itself does not mean that you will not be able to file a claim for PPI that was missold. Rather, it simply means that if a PPI missale occurred, it did not occur due to a systemic failure by your bank. In fact, it is still possible that there was a missale of your policy due to either an error of commission or an error of omission by someone in the staff responsible for the sale of your policy.

If you have already filed a claim to your bank or company, then you should wait for a few weeks to obtain the results of the claim. If your claim is accepted, then you will receive some or all of your premiums back. However, if you receive a rejection of your claim, then you will still have the option of contacting the FOS, or Financial Ombudsman Service. It is possible that your bank may have rejected a claim in the past but will be forced to revisit it now due to the ruling from the High Court.


PPI Claims News

What Are My Rights On Claiming PPI On Credit Cards, Loans and Mortgages

PPI stands for payment protection insurance. It is designed to cover your debt payments if you cannot work. For example, if you were unable to work due to an illness, then your debt payments would be covered by payment protection insurance. That is why it is often sold along with credit repayments. PPI insurance not only protects you, but it also protects the lender. PPI in itself is a good policy, but the way the policies are being sold are creating the problems.

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PPI Claims On Your Barclaycard: How to Claim & FAQ’s

Understand how to make a claim on PPI, otherwise known as Payment Protection Insurance and the process involved should you wish to reclaim PPI on your Barclaycard.

Maple Leaf Financial has over 10yrs experience in dealing with PPI claims. If you have any problems making a PPI Claim on your Barclaycard, we are here to assist you. We include information below on

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How Much do PPI Claims Companies Charge?

Maple Leaf Financial has been dealing with financial claims for over 10 yrs and yes we also deal with PPI claims. However we have never made a cold call, TV advert or Online ad.

We deal with YOU and not the sole purpose of running a Claim. We also look at conequential loss and compound interest that may be owed to you, something th “fly by night” PPI Claims Companies do not do, as this takes a working legal Knoweledge.

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Step-by-Step Guide to PPI Claims for Alliance & Leicester

Although Alliance & Leicester has been ordered to send notices to customers who have been mis-sold PPI, the real number of customers the bank mis-sold PPI to by far surpasses those who have actually received notices. If you are uncertain whether you have PPI from Alliance & Leicester, check through all of the paperwork that you were given at the time of taking out the loan, mortgage, credit card account, or other financial agreement. If you find evidence or think you have been mis-sold PPI, read on to find a step-by-step guide on how to claim back your PPI from Alliance & Leicester.

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Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim


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Tim Capper

Bringing you financial news and information in plain english for Maple Leaf Financial. My aim is to help readers understand these often complex financial instruments.