For the last ten years, PPI or Payment Protection Insurance has been one of the most sensational financial scandals. The estimated cost for the mis-sold PPI policies is worth over a billion pounds. How would you know if you were mis-sold the policy?
If you were told by the salesperson that taking PPI is compulsory when taking any loan or credit card to get approved, then you were mis-sold the PPI policy. Taking PPI is only an option and there is no way that this insurance could be a requirement to anyone who takes a loan. Were you pressured into purchasing the insurance? If so, you may be eligible to receive refunds from the financial institution that provided it. Seek an advice from an expert that has the capability to provide you a PPI calculator.
There are a large number of people that are not eligible to take PPI but nonetheless were targeted with sales anyway. So if you’re one of these people who were a victim of PPI mis-selling, then you are likely to qualify for a PPI refund. Those people who are not eligible to take PPI are students, self-employed, part-time workers and pensioners. Check with the experts though you are likely to be eligible for the refunds if you fall to any of these categories.
There are some other ways on how the PPI policies were mis-sold. Many of the loans were sent as a part of a mortgage. If you bought a new mortgage within the last ten years or so, then you were mis-sold PPI as a part of the mortgage. This practice has been considered illegal. You may be paying for the PPI policy without even knowing that you have it so you better take a look at your mortgage policy.
If you can directly relate with the above situations, then you are likely eligible for a refund claim.
An estimated £3 billion funds for PPI have been kept by banks. This just means that they are capable to repay what they have owed to the consumers. PPI repayments were debated in the courts that is why there are delays in paying out the consumers.
In the recent years, PPI has been one of the most contentious issued in the financial trade. Many banks have been found guilty of mis-selling PPI policies at costs estimated at around 1 billion pounds. You can identify how much you were owed by using a PPI calculator.