Am I Able to Claim My Ppi Payments Back?

Insurance - Am I Able to Claim My Ppi Payments Back?

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If you are one of the millions of population who have ever taken out a mortgage, loan or credit, it will be likely that you have been paying for payment safety insurance, added on by your lender. Ppi ideally covers your potential to repay your debt should you find yourself in difficult circumstances such as becoming unemployed or getting injured; however, the lenders found a loophole and have been selling Ppi to customers who were not eligible for the cover or who did not fit the particulars of the Ppi they were sold. If you have paid for Ppi, either you tried to use it or not, you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts

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Many population do not realise that because of their personal circumstances, they were never eligible for Ppi. population over the age of 65, the age of retirement, would never be entitled to claim Ppi as they are likely not in full time employment. Whatever who is self employed is technically carefully a financial risk and no Ppi policy would offer to cover their potential to make repayments. Whatever with a historical curative health is unlikely to be able to get Ppi cover as they are more likely to be forced off work. Despite this, banks are more than happy to sell Ppi to everyone knowing full well it will never cover them if needed.

Banks and lenders have allowed this situation to continue with full knowledge of the consequences, this is something that has brought great negative attention from financial watchdogs. The government is forcing many of the Uk's high road lenders to offer refunds to their customers although some have adopted a 'don't ask - don't get' policy meaning the buyer has to go on the hunt for their money either alone or with legal assistance.

To begin attempting to claim back your Ppi payments you will first need to send your bank a letter requesting a full refund. You will absolutely receive a long winded 'no' to which you will need to duplicate your first letter and in addition mouth your intent to pursue legal action and support from the financial ombudsman. You will probably receive a range of answers finally dismissing your claim, albeit wrongfully, on the basis of your lack of authority. The key is perseverance and it will significantly help your chances if you do get the ombudsman involved. finally if all else fails, enlist expert help.

The easiest way to claim back your Ppi is to use a legal branch as they know what they are doing and will be able to take care of all things for you. This will be much more sufficient than pursuing the matter yourself and will most likely end in success. Many solicitors are no win no fee so there is no disadvantage to using them.

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