Reclaiming PPI (Payment Protection Insurance )

ourfear

If someone has mis-sold and paying PPI (Payment Protection Insurance) is there anyway that they can claim back the money?

e.g: When your sold a loan banks generally add PPI onto the loan without fully explaining to the customer what it's for, (also under the guise of Accident, Sickness and Unemployment protection etc) the customer signs for it and it is engulfed into the monthly payments and forgotton. When the loan has been payed off in full, is it then possible to claim back the PPI?

Im assuming as it hasnt been used you should be able to claim it back??

Any ideas anyone?

peawack

There is a website called thisismoney.co.uk where you can download two templates which can be used as the basis of your claim for an insurance refund from banks or other financial organisations.
There is also a step-by-step guide for making the claim.

ourfear

Awesome website!! Thanks!! It's full of info and im gonna have a client test run their letters!!

:D:D:D:D:D

regularsaver1

your description in the top post is not mis-selling

mis-selling is if they were ineligible for the insurance or were informed they had to take it

up to borrower to read the paperwork

so be careful what you put in the the letters "the customer signs for it and it is engulfed into the monthly payments and forgotton. " - from yout post - this is more like chaged their mind

ArchieB_2

I agree - the example as stated is not mis selling.

peawack

ArchieB wrote:

I agree - the example as stated is not mis selling.

and a touch of spam ??

ourfear

Yeah, i didnt word my original post correctly. I was asking from a mis-selling POV but then gave an example of a legit sale!! Sorry my bad!! lol I was rushing that day!! :eek:

But either way, thismoney.co.uk is a very informative site and ive pullrd all the correct info.

:rolleyes2