There has been a major change in the way banks and credit companies in the UK sell payment protection insurance (PPI) but while many firms are now taking a more responsible approach, for years lenders failed to make sure their customers were fully aware of all their available options.
PPI is usually offered to people who have been accepted for loans, credit cards, mortgages and a wide variety of other forms of credit. It is designed to provide a layer of protection for people who find themselves unable to meet their repayment schedule, perhaps because they have lost their job or have been forced to take sick leave and are no longer receiving their full salary. In these situations, loan repayments are made on the borrower’s behalf.
However, as recent news reports have revealed, many financial institutions were not as open about their PPI finance agreements as they should have been. Rather than being transparent about PPI finance and what it involved, consumers were tied into finance agreements that they knew nothing about, despite the fact that they should have had their needs fully assessed before PPI cover was taken out.
Some people were not made aware that they could have gone to another lender to take out PPI cover that would have better suited their needs, while others were not made aware of all the small print associated with the payment protection cover. The courts have ruled that financial institutions that mis-sold PPI finance agreements must now pay the money back.
When it comes to finance agreements and PPI claims it pays to make sure that you speak to legal experts. If you believe you were mis-sold PPI then make sure you get in touch with a member of our claims team to see if you could get your money back. If you are found to have a valid claim then we can guide you through the necessary steps to get your PPI premiums and interest reimbursed.
Submitting a claim through Payment Protection Refunds is simple when you use our online form, and you can rest assured that once your application has been passed on to our claims team, they will see it through to a final settlement.