To actually start ppi reclaim, people must find out first whether they have been sold ppi once they took out a loan. If you got credit cards, you should be able to see any payments taken for ppi in your statements. However, if you have a personal loan, it might not be so obvious if you’re paying for the cost of the ppi policy. If you’re not sure if you have an insurance policy added onto your loan, the best thing to do is to contact your lender.
A lot of people who may have a strong case in ppi reclaim are those who have been sold ppi and had no chance of claiming on it. These individuals are those who were mis-sold when they were not employed during the time of the purchase of the insurance policy. It could be impossible for them to generate a valid ppi claim since they are not covered by the policy. People who had a medical problem that can have kept them from working should have been warned by the sales representative of ppi because they are not suitable in making a claim. If you were sold a single premium policy where the whole cost of the loan is paid for up front with money which is also borrowed on the same interest rate at the time of the loan, you must at least can get ppi reclaim by cancelling the ppi. If you cancelled or repaid the loan early, but were not able to cancel the ppi, then you cn also have ppi reclaim.
Some people were able to refund what they were offered by their lender, but only one fraction of the total cost they paid. You must be ablet to acquire ppi reclaim in fair amount when you paid for the premium cost, including interest. There were also borrowers who were told that the insurance policy was compulsory and also this is an indication of mis-selling practice and you could have ppi reclaim due to this.
Some sales representative didn’t explain the full cost of the ppi and they only quoted the cost of the loan with the ppi attached. Lenders can insist that a borrower must have PPI, but any business that signs up to the banking code must not insist a borrower to get the insurance with them. Borrowers can research prices for better cover and a less expensive insurance policy that fits them. It is far cheaper to buy it separately form an independent provider. However, the majority of the lenders are wiser with regards to selling the product. They were telling their borrowers that if they buy the policy from them, it may give a great chance of getting their loan approved and that the process will be fast.
Start your ppi reclaim if some of these things took place to you as you have been a victim of ppi mis-selling process.