Payment Protection Insurance, also known as PPI, is a type of insurance which can be taken out in conjunction with a loan, mortgage or credit card.
It is there to help you when your income is affected through no fault of your own, from events such as redundancy or illness, and assists you in servicing your monthly repayments while you have no fixed income.
The problem which has occurred in recent years however is that a number of UK vendors have mis-sold this policy to consumers, with some not even knowing they had purchased the policy at all.
Mis-selling can occur for a variety of reasons and some of these are less obvious than others. One common reason for a mis-sale surrounds the employment status of the individual purchasing a policy.
Many self-employed, retirees and students have been sold Payment Protection Insurance only to find that the policy does not cover them because they have no full time employer.
Are you paying for Payment Protection Insurance?
If you are unable to find the correct documents then it might be worthwhile talking to your vendor directly to find out if you have a PPI policy with them.
If you find that you were mis-sold a Payment Protection Insurance policy you may be entitled to a PPI refund.
A common question individuals ask is, how much can be expected from a PPI refund? This amount varies from one case to the next as many factors come into play. For a start, different banks charge different amounts for their PPI policies.
Should your PPI refund be successful then you will be entitled to receive the total costs that you have paid on the policy, with any interest added onto this, in some cases you may also receive a “goodwill gesture” for the inconvenience that has been caused.
BrunelFranklin.com has helped thousands of people who have been victims of PPI mis-selling. If you have grounds for a refund, it will be pursued by our dedicated staff, experienced in the complexities involved to give you the very best chance of securing the maximum payout.
Sally Bowyer, Managing Director of regulated financial claims specialist BrunelFranklin.com says that many people were mis-sold policies unknowingly.
“Many people finally realise they have PPI only when it is pointed out by a friend, colleague, family member or financial adviser.
The good news is that once you are aware you have been sold PPI, you may have grounds for claiming against a mis-sale, if you were unaware of the terms and conditions or the true cost, at the time of sale.”
Video: Payment Protection Insurance
There are several ways you can make a claim for PPI that you received through Barclaycard.
Feb 23, 2015 … PPI problems still the cause of most complaints to financial ombudsman. Lloyds and … PPI compensation payments set to continue ‘for years’.