In the last 7 years if you have taken out a personal loan or a financial agreement on such things as a personal loan , there is a strong chance that the cost included monthly premiums for worthless payment protection insurance or PPI.
There were no good reasons for selling such policies other than to bolster profits and pay commissions as most were unusable but, say The Claims Guys, there are three very good reasons why you should now claim your money back.
Since 2003 it is estimated that over 17 million mis sold payment protection policies were bought by unsuspecting members of the public. This insurance was designed to cover repayments if they were unable to meet them through being made redundant and losing their job or because of illness or an accident.
That was what was supposed to happen, but didn’t. Many banks and financial organisations simply sold the cover to people who would not ever qualify to make a claim should the need arise, meaning they were being charged for a policy they could never benefit from.
There are three specific groups of people who this affected, who that The Claims Guys now say have the highest grounds for a to claim for a refund.
1. The Self-Employed: Only those who were employed when the PPI was taken out were covered by the insurance. Anyone self-employed, unemployed, or out of work for some reason, found it impossible to make a valid claim as they were classed as ineligible.
Was that you? Were you self-employed yet still sold PPI?
2. Existing Medical Conditions: People who had a known medical illness or serious condition at the time of purchasing Payment Protection would be precluded from ever claiming. This also included someone who was not actually working due to a medical condition at the time the PPI policy was bought, such as a bad back or stress.
Were you sold PPI insurance cover even though you had an existing medical condition? Or were out of work at the time due to one yet were still made to believe PPI would pay out?
3. Retired People: Payment Protection policies covered only the working population under retirement age. Anybody who was retired who completed a financial agreement that included PPI would automatically be disqualified from claiming should they fall ill or have an accident.
Were you retired and purchased a loan that included PPI cover? Were you encouraged to include PPI premiums in your financial agreement even though you were in retirement?
If you can answer ‘Yes’ to any of the above questions than you have reason to claim for being mis sold loan protection insurance or Payment Protection Insurance.
With the total amount of mis sold PPI policies in force in the UK estimated to be worth over £30 billion, the average claim is amounting to £2500, which itself is reason enough to get it back say The Claims Guys.
If you think some of that money is yours get in touch with the expert claims management firm who can answer your whys on mis sold PPI’s.
See The Claims Guys at http://www.theclaimsguys.co.uk. Or call free today on 08000 8 222 00