PPI Refund – Who all can Reclaim?

Have you paid any loan in the past 6 years that included PPI (payment protection insurance)? Are you still paying your store or credit cards, or mortgage that has PPI attached? Well, if your answer is “yes” to any of these questions, then you can easily reclaim PPI by filing your claim in the courts. Thousands of UK consumers finance claims have been filed in past two years, and most of them have been successful in getting back their money.

Many leading banks and lending institutions in the UK were involved in the payment protection insurance scam which had affected millions of UK residents. In most of the cases, it was later on discovered that millions of people were mis sold PPI, or had to pay more for their monthly premiums.

PPI was created for protecting borrowers in case they were unable to make monthly payments due to unemployment, illness, or some other reason. However, many banks and financial institutions made millions by selling PPI insurance on their loans without informing them. In some cases they falsely informed the borrowers that buying PPI was mandatory before their loan application is approved, or they overcharged innocent borrowers by 3-4 times. This later on led to thousands of consumer finance claims.

Whether you feel that you’ve been mis sold PPI or otherwise if you’d taken a big mortgage, credit cards, or loan in the past 6 years that included PPI, you should immediately get your loan re-examined to check if you were also the victim. You should begin by getting the documents for your loan and your recent monthly bill to check if PPI was included in them. Next, you should use these details to fill an application form and submit it to the companies that can help you in claiming back your money.

Most of the companies offer this service free. In case it is discovered that you’ve been mis sold PPI and your PPI claim is allowed by the court, these companies take only a small percentage of that amount. On the other hand, if your request is declined, then you won’t have to pay anything at all. This way, you won’t have to spend anything from your pocket to reclaim PPI.

So instead of taking chances to reclaim PPI, you should use the services of professionals who will work with you to get you your money back without any hassles. They will also take with your lenders before filing in court to see if the matter can be amicably settled. Most of the companies that can help you reclaim PPI have their own websites and you can get in touch with them online with your case details to take the matter forward.