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Claim for PPI

Payment protection insurance, also commonly referred to as loan insurance, is supposed to help borrowers and credit card holders make repayments when they are unable to do so. Unfortunately, this type of coverage usually does exactly the opposite, as many insurance companies refuse to honour the majority of claims, arguing that the policyholder is actually ineligible.

Why So Many Policyholders Are Deemed Ineligible

There is an extensive list of exceptions that will cause the policyholder to be deemed ineligible, including being over the age of 65, having pre-existing health problems, already having a payment protection or "sick pay" policy with your employer, or missing work due to emotional/psychiatric or family related issues. Of course, the aforementioned reasons for missing work are perhaps the most common, which is why less than 15% of PPI policyholders are given assistance by PPI companies. If you've unknowingly paid for such a policy, or were convinced that it would be beneficial, you may want to contact a PPI claim company to claim back PPI payments. With so many policyholders being deemed ineligible, it is not surprising that a large percentage of policyholders submit a claim for PPI payments each year.

Disputing PPI Policies with a Bank

In claiming back bank charges related to PPI policies you have two main options - you can contact the bank directly and attempt to represent your claims independently, or you can utilize the services of a PPI attorney that will work professionally on your behalf. The latter solution will usually provide the best results in the least amount of time, as financial institutions and lenders tend to take the threats and inquiries of attorneys more serious than average customers. Furthermore, not only will your complaint be handled more expeditiously when it is represented by a qualified attorney, the overall response and compensation provided by the bank will undoubtedly be more desirable. While it may be possible to have a PPI policy cancelled so that future payments are not deducted, the only way to receive compensation for the funds already spent is to submit a claim for PPI through a PPI claim company.

How to Increase the Likelihood of Having Your Claim Honoured

Aside from utilizing the proven services of a PPI claims specialist, you'll also want to ensure that your attorney has all of the information needed to build a solid case for your claim. In order to have a claim for refunds honoured you'll need to provide proof or suspicion that the PPI policy was mis-sold by the lender knowingly. Fortunately, this is relatively easy, and most cases are ruled in favour of the borrower due to the rampant PPI mis-selling that has become increasingly common in the United Kingdom. The average claim for refunds related to PPI policies brings in about £3000, however refunds can range anywhere from several hundred to tens of thousands of pounds.

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