So how then can you get back your premiums? There is one place where you can get all these and more and that is at the PPI Reclaim Company. This company makes it easier for you to get back your PPI premiums including interests if you are a victim of mis-sold PPI policy without doing the heavy work. All that is needed from you are the necessary information to make your claims and they will be the ones to do the rest.

No upfront fees are required by the PPI Reclaim Company. Just fill up the form found on their website and they will contact you within a few days. The only fee that you will be paying them is 25% of the total compensation they got for you from your insurance company with VAT included. No other fees will be added to your bill and the best thing about this company is that if they are not successful in getting your PPI compensation, you will not have to pay a single cent.

Start claiming your PPI compensation today with the help of www.ppireclaimcompany.co.uk. You will definitely have less worries to think about when you know that there are professionals who will get the job done for you.

In case you’re unaware, PPI misselling is something that happens in the payment protection insurance industry and it is one of the main reasons why there is currently a high number of rejected PPI claims. The number of rejected claims in the payment protection insurance industry is so high than other types of insurance products that it has caused the whole industry to become mired in controversy.

So why do banks and other financial institutions engage in such a devilish act as PPI misselling, and deliberately let borrowers suffer the consequences of paying for something they might have absolutely no use for and in some cases aren’t even aware of entirely? No one can say for sure, but one clear reason would be for additional profit. In most – if not in all cases of missold PPI – it is clear that the lender makes an additional profit by selling one to an existing customer or the borrower.

One simple way that banks mis sold ppi to borrowers is to just add it and charge a borrower for it without them even knowing about the coverage. It’s basically the oldest trick in the book. They don’t mention it at all and yet they charge the customer for it. More often than not, the borrower only finds out about it when it is already too late. Money has already been charged for the extra payment protection insurance and there’s usually nothing that the borrower can do about it after that.

PPI can also be missold through the simple act of coercing the customer into purchasing it at the same time as their credit card, loan, or mortgage. It is yet another common tactic that banks and other third party brokers use to force borrowers to pay extra for payment protection insurance when they have several alternative choices at their disposal.

What usually happens in cases like this is that the borrower gets told that they have to purchase payment protection insurance right then and there. Of course, important information pertaining to the insurance is not given to them by the bank or lender. This withheld information often pertains to other things that a borrower can do, like turn to existing alternative cover sources or pursue the option to purchase payment protection insurance some place else.

Contrary to what most banks and lenders will tell you, you do not have to take the payment protection insurance product that they offer you at the same time as your loan, credit card, or mortgage. In fact, you can shop for your PPI any time you want and from whoever you want. This obviously doesn’t work with the lender, especially if they want to make a profit so information like this is usually kept from borrowers.

PPI also gets missold often as borrowers are unaware of certain exclusions indicated in their insurance policy, like the rejection of claims made by students, retirees, or the unemployed.

By paying attention to the details whenever you are offered payment protection insurance by a bank or any other lender, becoming a victim of PPI misselling can be easily avoided. The above mentioned information should be useful, as it lists some of the ways in which lenders engage in PPI misselling to gain profits while disregarding the financial well-being of your average borrower.

Ideally, PPI is a good product. However, the product was sold to people who had no need for such a product. Many people are looking to make a PPI reclaim because they are not able to use the policy. In fact, according to the Financial Ombudsman Service or FOS, around 90% of PPI policyholders will never be able to make a claim.

People felt that they were abused by the banks because they were not told about the complete nature of the agreements they signed when they took out their loans. In most cases, the people who took out these loans were not aware that they were also paying for the PPI they unknowingly bought. PPI refund cases are not uncommon in the UK, where millions of people who took out loans in 2007 to 2009 are most likely policyholders of PPI.

People can make a PPI refund request from their banks. This is done by writing a letter to the banks stating the reasons and grounds why they deserve a refund. Banks do not normally oblige to a refund unless they are proven to have done misconduct in the selling of the PPI.

Some of these misconducts include not clearly stating the effects and circumstances of the loans and PPI you were taking out. Another case is if your banker told you that PPI is a requirement of loans you were taking out. PPI is never a requirement so you can take out loans. The standard in ascertaining whether a person can take out loans is his or her credit rating, and not whether he has an existing PPI policy.

Another cause of misconduct is when your banker never told you that you were also buying PPI as you are taking out loans. This is by far the most common case in mis sold PPI refund.

If your banker refuses to give a refund, take up your PPI claims to the Financial Ombudsman Service. This is the free government agency responsible for fixing financial disputes.

What is Payment Protection Insurance?

Often referred to as PPI, this plan is considered as an add-on to any loan or purchase an individual will avail from a financial institution or a lending company. More often than not, payment protection insurance is designed to safeguard the monthly payments of the borrower in case something prevents him or her from doing so.

Sudden illness, accidents, unemployment, hospitalization, and even death might occur, and this will definitely affect the payment routine of the debtor. In order to give a leg up for payments, PPI will cover the basic amounts that are due for a maximum period of twelve months – basically a whole year. This gives the debtors plenty of time to get back on their feet if they had encountered any of the discussed incidents, except death, of course.

A customer availing of payment protection insurance will ensure the creditor that there would be a fall back for payments just in case the debtor will not be able to handle them. It is a win-win situation, especially for them, as they are guaranteed the return of their money. For the debtor, however, it might come as an inconvenience. One can look at other people who have been able to work through their debts without having to purchase such extra plans.

Skepticism over Payment Protection Insurance

The unnecessary purchase of additional expenses to the loan is one of the main reasons why people often worry about PPI. While some have willingly accepted the offer, there are those who claim to have been misled into purchasing PPI.

As discussed earlier, payment protection insurance is offered as an add-on to purchases. It may be those done with your credit card, store card, a car loan, college tuition loan, a mortgage, and even health insurance. Discussions over availing of PPI often happen upon the release of the loan or the approval of the purchase. This gives people a limited time to go over the details of the contract, which often leads to misunderstanding and frustration over unknown terms and conditions.

For example, some people who have availed of PPI feel duped when the time comes that they are done with the payments for both the loan and the PPI. When they avail their claim, which is considered refundable by most institutions, they discovered that they were not eligible to sign up in the first place due to specific reasons. These can be because of pre-existing medical conditions, medical health problems, and even being under self-employment.

Lack of explanation from the creditor’s representative can be blamed for this. Other people would state that they were not even informed that PPI was added to the bargain. These cases are the ones that upset people, because other than being tricked into purchasing something they were not aware of, they even had to pay for the full lump sum of the PPI.

Still Interested in Getting Payment Protection Insurance?

PPI should not be considered as an inconvenience. One has the freedom to say no. If you’re still interested in availing the plan, one should take time to study the terms stated on the contract. He or she should also do a thorough survey of the market because other companies offer better terms and options. Payment protection, when chosen well, will offer great help to anyone who needs it, as long as he or she is able to manage paying it well.