Posts Tagged ‘PPI’

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Mis Sold Payment Protection Insurance – Tips To Selecting Experts

Tuesday, August 10th, 2010

Many people have been mis sold payment protection insurance over recent years within the United Kingdom. There are numerous circumstances where an individual will be able to reclaim PPI resulting from these illegal practices. You can find quite a bit of information about this online simply by doing a search of mis-sold ppi claims. Often times customers wish to file their own claims, however, if you wish to use a company which specializes in this field, we have a few tips you might want to follow before you select one.

Tip 1: Look at the reviews and customer comments of the company. This will help you to see what customers have to say about the ppi claims company, such as how they handled questions, concerns and also the claim, were they courteous and did they take the time to explain and or answer all your questions. See what their positive to rejected outcomes are, you may have to discuss this with the company via phone or in person.

Tip 2: Most PPI claims firms will not request a payment upfront, but normally will charge up to 25% along with the VAT, of the awarded claim. This is normally referred to as “No Win – No Fee”. You need to be leery of any company that will ask you for payment up front.

Tip 3: Make sure the PPI claims company you are considering using is actually registered and authorized to file your claim by the Ministry of Justice. The firms must have a authorization number to be permitted to legally take care of these claims.

Tip 4: Should you call or visit a PPI claims specialist, they need to ask you a good number of questions to make sure that you are even a candidate to file a claim. If they never ask, and just declare they guarantee a settlement without first being confident that you qualify, you need to move on.

Remember, you can actually file these claims yourself by completing needed paperwork, and getting all your facts together and sending it to your financial company, and if you must you may also file with the Financial Services Ombudsman. Also realize that banks will utilize certain tactics including rejecting or denying your claim. Additionally, they may make an “FOB offer” which is typically much less than the compensation you have entitlement to.

Professionals in the field of filing ppi claims for individuals whom were mis sold payment protection have expertise on dealing with the banks. They are going to know how to correctly file for you as well as know what amount of reimbursement in which you are entitled.

PPI claims experts can help you try to get the compensation you are entitled by filing on your behalf if you were mis sold payment protection insurance. Visit Simplicity Claims for more information.

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PPI Claims – Were You Mis Sold PPI?

Saturday, August 7th, 2010

There has been a large amount of controversy over recent years about payment protection insurance (PPI), mainly as a result of overzealous brokers using unethical practices when selling it to clients. The term now used for this kind of activity is known as mis sold payment protection insurance or mis sold PPI.

In numerous cases of this mis-sold ppi, the loan providers would lie and tell the potential loan borrower that they would not receive a loan without getting the PPI. This indeed was a falsity and a measure to deceive. In these instances, the borrowers that feel for the trap to buy the PPI were charged a much higher priced policy than if they had obtained PPI on their own.

Other borrowers may not even realize they purchased a payment protection insurance policy. It might be a wise choice if you had received a loan or mortgage and were never offered PPI to check and see if you are paying for a policy you did not consent too.

Here is a list of questions to ask to see if you were mis sold payment protection insurance.

* Did the lending company tell you the policy was not optional, or did they imply that the PPI cover was required in order to receive the loan?
* Did the lending company ask about your employment status and whether you had any pre-existing medical conditions?
* Did the lender allow you to look at the policy terms and conditions prior to the close?
* Did the lending company ask you if you owned any other insurance that would cover such risks?
* Were you sold PPI while self-employed?
* Were you told of the limitations and just what pre-existing conditions may not be covered?
* Did the lender advise you on what the total APR would be of your loan with PPI included?
* Finally, if you did purchase payment protection insurance and tried to cancel it, were you denied?

If you answered yes to some of these questions it is likely that you may have a case and therefore file the ppi claims. There are several ways one can do this. You can contact specialists in the field that may help you with the claim. Many companies will do all the work trying to acquire a fair settlement for you. You are also able to pursue your mis sold payment protection insurance claim by contacting the Financial Ombudsman and get the information required to file.

You might be able to file PPI Claims if you believe you were mis sold payment protection insurance, contact Simplicity Claims, they can act on your behalf filing or offer you more information.

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PPI And PPI Claims General Information

Saturday, August 7th, 2010

Over recent years, within the United Kingdom, The Financial Services Authority (FSA) has been investigating unjust practices of allocation of Payment Protection Insurance (PPI), and the methods of which it was sold to loan borrowers. Many significant United Kingdom banks have been making a lot of money off mis sold payment protection insurance.

PPI was originally created to aid the loan borrower in the event they were injured at work, or became ill. This specific insurance would make repayments to the loan providers until they resumed work. At least half of borrowers deny coverage, however, of the other half a good portion were not asked, they were sold the ppi and pay the premiums without even realizing.

Eventually, there were numerous complaints about the industry. Of all the people that purchased PPI either intentionally or unbeknownst to them, around 5% actually ever filed a claim. Even worse, the facts show, that about 70-75% of people that did file PPI claims failed to meet the terms established in the policy.

When the FSA got involved, careful investigation found that many times the lenders did not tell the borrowers all of the info needed, such as criteria for a claim. Additionally, it found that a great number of these lenders would utilize scare tactics to convince the borrower into agreeing. A number of lenders actually even added in overpriced PPI to the initial loan quotations without disclosing what it was. Investigation also discovered that numerous lenders would add a lump payment to the beginning of the loan repayment plan. As a result, the borrower would have no means of canceling the payment protection insurance.

There are a few basic questions you should ask if you feel you could most likely make a claim for your monthly premiums. Some include the items we stated above, such as being told you needed to purchase the policy to get a loan, or if you were not told at all, yet were billed for the PPI; if you were not told of the terms before purchasing or if you were sold PPI and were self-employed.

If any of this pertains to you, you are like a lot of people whom were mis sold payment protection insurance and able to now file PPI claims to try to reclaim the moneys they paid for premiums. It is important to find a company that knows what they are doing in regards to reclaiming premiums. Don’t fall for any promises, they can’t guarantee they will get compensation; many legit companies will not charge any fees up front. Use due diligence when finding the best specialist within the field.

If you feel you were mis sold payment protection insurance, or you wish to find out more about ppi claims, please visit experts at Simplicity Claims.

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PPI – Payment Protection Insurance Facts

Tuesday, August 3rd, 2010

For the most part, most credit seekers often will worry about what they would do if they were not able to work resulting from injury, illness or if their current position at work becomes redundant. There is actually something called PPI which was created for these types of circumstances.

The abbreviation PPI stands for Payment Protection Insurance. This form of insurance was developed to make repayments of bills such as a mortgage loan, credit card repayment, or similar monthly loans if you ever are injured or are unable to work due to illness or because of redundancy. The PPI covers a percentage of specific loans monthly for up to twelve months and at most up to twenty-four months.

Before you decide on purchasing PPI ensure that it is compatible with your situation. You don’t want to become victim to a high pressured sales associate or lender whom is attempting to push you into buying their plans.

Additionally it is crucial that you know that there is quite a bit of criteria you will need to meet in case you do need to file a PPI claim. Please find some of these below:

* Make sure that you list any pre-existing medical conditions. Quite a few companies will not even sell you the PPI if they are aware of them. Better to know upfront.

* Your age must be between 18 and 65.

* You need to work at least sixteen hours per week.

* If you are going to claim unemployment you will have needed to be employed with the same employer for a minimum of twelve months prior to making the PPI claim.

It is also important that you know that some medical conditions such as back issues or even stress related issues may not be covered under the PPI policy. It is best to ask about this. You would hate to need to file a claim and be told that you would not be covered.

There has been quite a bit of problems in recent times with loan companies attempting to pressure prospective borrowers into buying overly priced payment protection insurance from them. They sometimes have promised lower rates, or said that if the borrower did not buy the PPI then they might be denied the credit. This is something for another article, however, this is now termed mis-sold PPI, which if you fell victim you could possibly reclaim some money back.

If you decide that you want to purchase Payment Protection Insurance and you feel it will be beneficial for you, be sure you check prices, as it can add up from 60-65% to the total of your loan. Be wary of high pressure tactics, and watch out for poor sales practices.

For more information on payment protection insurance or if you are interested in obtaining information on ppi claims, please visit Simplicity Claims to see what your options are.

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