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PPI Rebate

Payment insurance, loan insurance or payment protection insurance (PPI) is a type of insurance that financial products such as mortgages, credit cards, and loans may be attached to. It was invented and designed for the person who is insured to have monetary coverage over debt repayments in case of involuntary unemployment, accident or ill health. Payment insurance was not supposed to be one of the biggest financial crisis the United Kingdom has ever seen but, the facts do not lie the number of payment protection policy holders attempting to obtain PPI rebates have set record numbers in recent years.

In the year 2009 borrowers attempting to obtain PPI rebates through the FOS (Financial Ombudsman Service) set a record of just a little over 30,000. Then the following year that number almost doubled to just below 50,000. The dramatically increased rate in which PPI rebate claims were filed started back in 2006 when the OFT (Office of Fair Trading) and the FSA (Financial Services Authority) published a report highlighting discrepancies in the way that payment protection policies were sometimes sold.

What Is a Mis-Sale Why Is It so Important?

The reason PPI rebates have become such a hot topic is because nearly 1/3 of the United Kingdom's population have held a PPI policy at some point and may be entitled to make a claim. In order for payment protection policy holders to receive a PPI rebate they must show proof of being mis-sold a policy. Mis-sold is referring to when a item or service is sold that is not useful or inapplicable to the perspective buyer. Many lenders used unscrupulous tactics in getting clients for their respective payment insurance companies including but not limited to:

  • Lenders signing up applicants for loan protection insurance without their knowledge or consent.
  • Lenders not advising possible policyholders of the requirements of eligibility or exclusions of coverage.
  • Lenders not making consumers be aware of the cost related to payment insurance.
  • Lenders allowing applicants to sign up for payment insurance if there were unemployed or a student.
  • Lenders letting senior citizens and people with pre-existing medical concerns sign up for coverage.

These are some of the ways in which payment protection insurance, loan insurance, loan protection, or payment insurance was mis-sold throughout the last decade that could qualify someone to receive a PPI rebate.

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