Now's the time to get your money back form PPI.
PPI: The facts Ron Amoore, managing director of CPS, explains payment protection insurance and why you may have valid claim. What is payment protection insurance? It's a form of insurance banks and credit card companies put in place to cover your monthly payments loans or credit cards, usually up to a year, in case taken seriously ill from work. "Also known as accident sickness and unemployment cover, card protection insurance, mortgage payment protection insurance and personal loan protection, these policies are sold alongside your credit card, personal loan or mortgage. "The problem is they add between 15 per cent to 35 per cent to the cost requirement of your loan, according to Citizens Advice Bureau research. "We find the average PPI charge costs our clients an additional 25 per cent to 40 per cent on top of their loan amount. Understandably, when we point out that they were also paying interest on that PPI premium, they are shocked."
How do I know if I was mis-sold PPI? "There are several ways in which PPI was mis-sold; among the most common conditions for a claim are that the advisor never made it clear that PPI was an optional policy, but rather made it appear as a required benefit of the card or loan. Another would be that the client already received good sick pay benefits through work so didn't have a need for the insurance; a third would be that the card or loan application they filled in did not make it clear that the PPI costs were extra. When we start a claim we first ask each client several key questions over the phone to uncover the facts that help substantiate that they have a valid claim. From these details we can send a detailed claim that outlines these conditions along with the broken Financial Conduct Authorities Principles of fair business conduct. Some claims management companies do it all online and never even talk with you before sending off your claim. We feel it's important to speak with each client and get the best details we can to make the claim personal and more likely to win."
Will claiming back PPI negatively affect my relationship with the bank? "No, it is your right to have it removed and refunded. The bank will simply rewrite your loan and remove the PPI from your continuing policy, which will usually also lower your monthly payments."
How can I claim my money back? "You can either contact your lender or credit card company and follow their procedures to file a claim, or you can use the services of a claims management company like ourselves.
"Remember that the banks do not want to have to pay you back, so they will be looking to prove that their agent sold the PPI to you fairly. In fact recent news headlines about the mishandling of PPI claims within the largest PPI complaints department for Lloyds, just goes to confirm that your PPI complaint may not be handled in the way it should. "For example, we have represented many clients who have said that they never agreed to PPI on their loan or credit card, but have no proof, and after we have requested their loan or credit card documents from the lender, we noticed that the box for opting to take PPI had been computer ticked or ticked by someone other than the client, with a different pen mark. Without this evidence a client may not win their claim. "A bank only has to defend each PPI claim once, so if you get a rejection you can't go to another claims company to try again."
Call CPS on 0845 602 6421 or 01625 536 777 for advice or to have a claim pack sent to you. Agents are available until 8pm.
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|Publication:||Daily Record (Glasgow, Scotland)|
|Date:||Oct 17, 2013|
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