Can I Make A PPI Claim?

Can I Make A PPI Claim?

by David Redmond on 28 Jan, 2012

PPI claims can be made if you were wrongly or even unknowingly sold Payment Protection Insurance with a loan, credit card or mortgage in the past 10 years.

The insurance policy is offered to borrowers so they can safeguard their financial situation in the event of a change in circumstances such as being made redundant.

For many people, PPI is an excellent way to make sure they can deal with difficult financial circumstances should they arise, but for thousands of others the protection was mis-sold. It is this second group that could be able to make a financial claim.

PPI was mis-sold if you did not need, want or ask for it. In a lot of cases the insurance was added on to borrowings without the borrower even knowing about it. In other situations, advisers may have wrongly told customers that they would be eligible to use the insurance, but when they came to do so they found that it did not apply in their situation. This is often true of those who are self-employed.

“It is well worth anyone who has taken out a loan, credit card or mortgage in recent years checking their paperwork to see if PPI was added to their borrowings,” says Matthew Briggs, CEO of www.claims.com.

“If you have been paying for PPI you should take a few minutes to speak to an expert legal adviser and find out if you have a claim. With the average payout at £2,500, you could find yourself better off.”

To make a successful PPI claim it must be shown that the financial adviser or broker dealing with your borrowings acted irresponsibly or knowingly mis-sold the insurance to you.

You will need to provide details of your borrowings and repayments and have a copy of the agreement if possible. It will then be in the hands of your solicitor to prove that the financial adviser acted negligently and did not uphold their professional standards in their dealings with you.

In many successful cases, borrowers will get back a lump sum equivalent to what they have paid out for the PPI cover. Interest on that amount should it have been held in a savings account could also be awarded, although interest will be payable on this portion.

“Do not hesitate to assess your borrowings and find out if you are able to make a PPI claim,” Matthew adds.

 “Just a few minutes of your time could mean hundreds or even thousands of pounds in your bank account.”

 

About the Author

David Redmond


David Redmond is a Partner of Don Gilliard Finance Group. He is a fee-only, independent financial advisor and financial planner. For over 15 years, he has been helping individual investors and their families realize their investment goals.