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PPI Return

In 2006 the ceiling fell in on payment protection insurance (PPI). In that year the mainstream media caught wind of the payment protection insurance scandal after it was exposed by the Financial Services Authority. As a result of the media attention and the Financial Service Authority's work, there was a huge uplift in the amount of people claiming PPI refunds. Since this time, the number of people registering complaints has increased year-on-year and thousands of people have been awarded PPI returns. In total, millions of pounds have been paid out with some of the UK's largest banks allocating millions more to address the issue.

Who Can Get a PPI Return?

If you have taken out a loan, applied for credit cards, or have purchased a vehicle and the past 10 years and were sold insurance on the money borrowed you may be entitled to a PPI refund. The type of insurance may be known as loan insurance, payment insurance, loan protection, payment protection or simply payment protection insurance. The insurance was originally designed to help borrowers in case they were unable to make the monthly payments on money borrowed from financial institutions. There is one major problem with this. Issues arose where the policy was mis-sold to customers who didn't want, couldn't use or didn't need the cover. Many of these customers have already received a PPI return.

Who Was Mis-Sold?

It is estimated that about 30% of the United Kingdom's population were involved with payment protection insurance in some form or another.  Since being mis-sold is a requirement for PPI returns just what constitutes being mis-sold. A borrower could be mis-sold payment protection if when applying for loan or credit card lenders told borrowers in order to increase the chances of the approved for the credit card alone they must enact a payment protection policy. I borrower can also be mis-sold a payment protection policy on the grounds of not been informed that payment protection insurance was optional or the terms and conditions regarding payment insurance were not clearly explained to the borrower. Sometimes lenders would even go so far as to not inform the customer at all about the payment protection insurance policy they were creating for them at the time of application process. Any of the above reasons could easily put a policy holder is the position to receive a PPI refund.

Is There Any Help out There for PPI Refunds?

A large majority of the policy holders who are looking for PPI refunds are also looking for additional help in the area. There are companies who specialize in getting PPI refunds for clients who were wronged in the payment protection industry. Many of these companies have people trained in area of PPI and can give estimates based on a small amount of information over the phone. A lot of the companies also offer the services on a no-win no fee basis and most can get a PPI refund claim started in the last 24 hours.

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