Reclaim PPI Premiums in UK
Even worse is the case where some have even done it without the permission of their customers and the money is added to the loan premiums making their customers pay interest on the cost of insurance as well.
Today it is possible to reclaim the premiums paid for mis-sold PPI in UK. It is a great relief to the debtors that both Office of Fair Trading (OFT) and Financial Services Authority (FSA) have taken strict measures to curb the injustice done to the borrowers. Now every seller is required to follow the rules bolstered by the FSA else customers can reclaim their money. However, these apply only to PPI bought after January 2005 since it came under the jurisdiction of FSA only in January 2005. Any reclaim on PPI bought before January 2005 can be made through Financial Ombudsman Service in the UK.
There are many obvious PPI mis-sellings where customers do not have a chance of claiming. The following are some of the instances where you can reclaim your PPI premiums paid.
• Unemployment, self-employed or retired at the time of taking the insurance.
• If you had a medical problem that could result in unemployment at later stage.
• If you were forced to buy single premium policy along with the loan and at the same interest rate as the loan
• If the refund was only a part of what you paid, you still can apply to get a fair refund.
• If you were not explained about the cost involved in PPI or if it were attached along with your loan without your knowledge you can reclaim.
• If the lender made it compulsory to avail the loan, you have every right to reclaim.
• If you were older than the age limit prescribed, you can reclaim it.
• In the event of having an alternative cover, such as income protection or redundancy package at the time of buying PPI, your claim is a valid one.
While it is possible to reclaim PPI premiums paid all by yourself, it is wise to obtain the assistance of claims management companies that can do the job on your behalf. Since experts deal with your reclaims, you can be sure about the money that you will get back. They will let you know many a thing that you weren’t aware of. You can find financial experts and firms either through the internet or through your friends that had recently reclaimed their mis-sold PPI.