The predatory sale of Payment Protection Insurance has been going on in the UK for more than a decade. For this unfamiliar or apparently unaffected, PPI is an additional insurance product added to the purchase of loans such as mortgages and what have you. If, for some reason, you, the lendee, find yourself unable to make your loan payments because of injury or other personal catastrophe, PPI will cover your payments according to terms laid out in your individual contract. Sounds great, but no! Millions of customers report being duped… shanghaied!…into buying said insurance against their will and without their knowing consent. This being the case, here is what you need to know in order to have your PPI payments remitted, or to avoid the usurious practice yourself (unless you really need it).
For those so afflicted, PPI can pop up in lots of places – on your car loan, credit cards, etc. It’s easy enough to spot on credit card statements, but for larger loans, like your mortgage, PPI may bave been absorbed into your larger loan payments, with no trace left behind. The only way to truly know is to contact your lender. Because the deceptive mis-selling of PPI has been commonplace in certain corners of the industry, it has become easier for consumers to fight back, gaining restitution from duplicitous lenders.
As stated above, some people buy PPI because they want it/need it. If you have PPI, but feel this does not describe your situation, ask yourself: Did I have a job when I got PPI? Was I Ill? Did my PPI pay my loan all at once? Is my available refund much lower than what I paid? Was PPI poorly or not explained when I bought it? Was I made to believe I had to buy it, legally? Did the seller neglect to tell me how to cancel? Was I older than 65 or 70 when I bought PPI? Did I have another way to cover my loan at the time? Is my PPI term longer than 5 years? Did PPI just appear with no knowledge of my own?
If any of the following questions can be answered “Yes”, then you are likely entitled to a refund.
Your next step should be to complain to your lender or to secure representation on your behalf to do so. Firms like Oracle Legal are equipped to do just that, having secured refunds for thousands of clients just like yourself. They can also help you understand whether or not you definitely have PPI and how you may have gotten it in the first place. An experienced ally at your side can be of assistance in this situation, because some of these offending institutions have been known to obfuscate the truth when denying repayment to cheated customers.
Whatever you do, educate yourself about the issue. Learn what other customers have done in pursuit of their refunds recently, and how the lenders have responded. This is a complex issue that has been going on for years. There are many players, and the rules seem to keep changing. The law is in your favor, so stay the course, and we wish you the very best in the fight against PPI.
Another option when facing financial hardship is looking into trust deed advice to get your debt under control.