Finance Ppi Reclaim

Payment Protection Insurance (PPI) was widely sold alongside loans, credit cards, mortgages, and other forms of credit. It was intended to cover repayments if you became ill, had an accident, or lost your job. However, PPI was often mis-sold, leading to a large-scale mis-selling scandal and the opportunity for many consumers to reclaim what they paid.

What constituted mis-selling? PPI was mis-sold if:

• You weren't told it was optional.
• You were told you had to have it to get the loan.
• It wasn't suitable for your circumstances (e.g., you were self-employed, retired, or had pre-existing medical conditions that would invalidate the policy).
• The policy wasn't fully explained to you, including exclusions.
• The salesperson received a large commission without disclosing it.

The PPI Deadline: The official deadline for making a PPI claim was August 29, 2019. This was set by the Financial Conduct Authority (FCA) to bring closure to the issue. However, there are still some circumstances where you might be able to make a claim even after this date. This includes cases involving a 'Plevin' claim.

Plevin Claims: A Plevin claim relates to undisclosed high levels of commission. The Supreme Court case of Plevin v Paragon Personal Finance established that if the commission earned by the lender was too high and not disclosed to the customer, the customer was unfairly treated. If the commission was more than 50% of the PPI premium, you might have grounds for a Plevin claim. The crucial point is that Plevin claims can sometimes be pursued even if you previously had a PPI claim rejected, or even if you were aware you were taking out PPI.

How to Check if You Had PPI: Even if you can't remember taking out PPI, it's worth investigating. Check old loan or credit card statements for entries relating to insurance or protection payments. Contact the lender directly and ask if PPI was added to your account. You can also use online tools or services to help you track down potential PPI policies.

Making a Claim: If you believe you were mis-sold PPI, gather any evidence you have, such as loan agreements, statements, and correspondence. You can then contact the lender directly to make a complaint. Be clear about why you believe the PPI was mis-sold. If the lender rejects your complaint, you can escalate it to the Financial Ombudsman Service (FOS), an independent body that resolves disputes between consumers and financial businesses.

Caution: Be wary of companies that contact you unsolicited offering to help you claim PPI. These companies often charge high fees for a service you can easily do yourself for free. Always do your research and be cautious about sharing personal information.