Making a PPI claim

http://www.moneyextra.com On the surface, Payment Protection Insurance (PPI) appears to be a useful tool, which will provide a safety net for consumers in times of financial hardship.

The theory behind PPI is simple -- it covers you against an outstanding credit card, loan or mortgage debt if you suddenly become unable to pay it due to an accident, sickness, unemployment or death.

PPI usually covers the minimum repayments and only does so for a limited amount of time, which generally lasts for a year, by which time it's expected that the borrower will be able to pick up the financial reins once more.

However, it's estimated that 90 per cent of the more-than-20 million PPI policies taken on by consumers were mis-sold, leaving many in dire financial straights when they came to claim.

These include the self-employed, who may have been told they were covered when this wasn't the case and people approaching retirement, who would be expected to continue paying premiums, even though PPI is worthless once a person has finished work.

Some lenders even added the insurance onto loans without telling the borrower, whilst others told their customers that they couldn't issue the loan unless a PPI policy was tagged onto it, or didn't give them enough information about what the insurance entailed.

However, the banks have now finally given up their challenge against being punished for mis-selling so many PPI policies, meaning that consumers who have been wronged can now start claiming compensation.

Here at MoneyExtra, we can help you win back the money they you've paid into the policies, which averages out at around £2,500.

After you've been messed around by the banks so long, we want to help make the process as quick and easy as possible -- all you need to do is contact us, we'll let you know if you have a valid PPI claim and then help you regain your money.

It's certainly worked for a number of our clients so far -- we've won back thousands of pounds for our customers from all manner of lenders, including close to £10,000 (£9,789.47) from Lloyds, £9,000 (£8,914.17) from Santander and £8,000 (£7,835.89) from Halifax.

Our biggest victory so far has been against Picture Finance, where we helped a customer regain nearly £20,000 (£19,638.25) after they were mis-sold PPI.

However, if you're happy with taking matters into your own hands, we can help there too -- we've got a sample letter on our website that you can print off and send to your lender to help you make your own compensation claim.

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People & Blogs

Tags:

• Payment
• Protection
• Insurance;
• PPI;
• reclaim
• claim