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Obtaining a refund on your PPI is a straighforward process. If you contact a CMC they can handle the whole complaints process on your behalf.

The process of making a claim can take as little as eight weeks. Upon successful resolution of the complaint you’ll get a payout of the amount due to you. How do you know if the insurance product was wrongly sold to you?

PPI was missold for a number of different reasons. One reason is due to expense. When you factor in the cost it can be very significant. At times you will find that you will need to pay interest over and above what you are paying for the insurance. Due to this the lender should have discussed the cost in great details. If this was not the case you are entitled to make a complaint .

Some people already have cover in place to safeguard them in case they become unemployed. If this applies to you then the lender should not discuss PPI with you since you already have it. The lender should check whether you have existing cover before selling this product to you.

Payment protection is not always necessary if you don’t have a job. If you were not in full-time employment at the time then you have every right to make a compensation claim. Cover for the unforeseen loss of your job is a fundamental reason for purchasing such a plan. Ergo anyone not in full-time employment shouldn’t really require such a policy.

PPI misselling has been all over the news for some time. There is now public awareness that this product was routinely missold. Now is the best opportunity to reclaim PPI. The majority of claims are fairly significant. So it’s a good idea to see if you can make a valid claim. You could receive statutory interest on top of your claim.

A good number are entitled to make a claim. Although many complaints are upheld some are initially rejected so it isn’t always straightforward. A claims lawyer can handle any appeals for you. In addition they are able to audit any offers made. This is invaluable since you could get back even more if there’s an error.

Financial institutions continue the scandalous affair of offering unsuitable products to consumers. It’s a case of the consumer not knowing what they are signing up for. Before entering into the agreement certain things should be pointed out to you. If the loan provider didn’t point certain things out then you may have a valid claim.

Some of the major lenders have had fines imposed for mis-selling payment protection insurance. This is due to widespread problems with their sales process. It’s feasible to make a complaint even though you no longer pay for the product. However, it is vital that you have some form of evidence that you were sold this type of plan. Everyone has a legal right to make a complaint if they are unhappy with the service they received. The loan provider should treat your complaint seriously and respond to you in writing with details of its findings. If you win the claim you’ll receive redress which is calculated based on how much you have paid into the policy.

Tags: payment protection insurance, ppi

This entry was posted on Saturday, February 6th, 2010 at 4:36 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.