Martin Lewis of ‘Money Saving Expert.com’ has caused a media storm with his hugely viewed website to appearances on breakfast shows such as ‘Daybreak.’ Therefore more consumers are beginning to question their loan policies with banks as PPI has become more common. However it is important to find out ‘how you know’ if you have PPI to claim.
PPI insurance is often sold at the time of taking out a loan, credit or store card, and is set out to cover your repayments if you are sick, have an accident or lose your job. Although on the surface nothing seems wrong with this, it has been continually mis-sold or even sold without consent to many consumers at a huge cost.
The most important thing is to check if you have been mis sold, you can do this just by looking at this checklist:
1. Were you told by the lender that the insurance was mandatory, it would give you better credit or even not told about it all?
2. Were you self employed, unemployed redundant or retired when you took out the loan?
3. Has your provider already been accused or fined for mis-selling PPI insurance?
4. Did you have any medical conditions or were you listed as disabled at time of purchasing? If so it would have likely excluded you from the cover, was this checked by the provider?
Now if any of those apply to you, it is a simple to begin the process of reclaiming.
- You can begin by writing a letter to your bank explaining that you feel you were mis-sold and requesting a copy of your agreement for the sum of £10 for a Subject Access Request (if you do not have your agreement.)
- Your bank will more than likely reject this claim, therefore you can then take it to the Financial Ombudsman Service who have awarded in favour 80% of PPI cases heard. The complaint form from the Ombudsman can be found at this address http://www.financial-ombudsman.org.uk/consumer/complaints.htm
- Or alternatively you could use a solicitor to represent your case and do all of the chasing on your behalf.
Here at Q & A we have recently had successes at £1,653.07 from nationwide, £4,166.33 from Santander, to £14,367.17 from Loans.co.uk and many others.
We are a group of qualified solicitors who represent clients who have a valid claim against the lender. You can phone in or email at our web address, or book a free consultation with a qualified solicitor.
