Claim Back Payment Protection
There has been a lot of stories in the news and on the TV and internet in recent months regarding the mis-sale of PPI, but not nearly so many about how to claim back payment protection. Payment protection insurance is a financial insurance sold by banks and other lenders with credit cards, loans and mortgages. It is also frequently sold in stores alongside store cards and larger products bought using some form of credit.
Payment protection is not inherently a bad product. It works by stepping in to cover repayments if the policyholder is unable to work due to sickness, accident or involuntary unemployment. For many people it can provide valuable protection, but it is not a suitable cover for everyone. As an example, many policies do not cover people over the age of sixty-five, but many policies were still sold to people in this age category. This is a clear case of mis-selling for which the policyholder could claim back payment protection. Other examples of mis-selling, include where the policy was added without consent, was sold without a clear explanation of the costs involved or was sold using unfair or high pressure sales techniques.
If you believe your policy was mis-sold you have the right to try and claim back payment protection from your lender. The first step is to file a complaint with your lender who will review your case. After this process the lender will usually opt to accept or reject your claim. Acceptance will normally mean you will be paid compensation - either as cash in hand, debt reduction or some form of loan restructure. Where your claim is rejected you will normally have the right to refer your complaint to the Financial Ombudsman Service or the Financial Services Compensation Scheme who will independently review your case.
If you would like assistance to claim back payment protection we could help. To receive a free, no obligation, claims pack complete our online request form.