Reclaim PPI Charges for Mis Sold Policies Now

The current level of public awareness of the PPI saga is very high yet there are still many people who remain oblivious to the fact they can reclaim PPI charges for mis sold policies. This article aims to help you understand what PPI reclaims are and how the saga unfolded.

Payment protection insurance, to give PPI its full title, is a term that covers a variety of insurance policies that are common in consumer finance. The PPI policy is designed to give a borrower who, through no fault of their own, finds they are out of work a way of keeping up payments on a loan, mortgage or other credit agreement. If you have taken out such a loan in recent years you may have agreed to a policy of this sort, and it may not have been sold to you in the correct manner.

While it is normal practice for borrowers to be asked to take out such policies – and in some cases is even a standard requirement – the way in which some policies has been sold to borrowers over recent years has been found to have been unlawful, and as such many people have taken the opportunity to reclaim PPI charges. If you are aware that you have a PPI policy and can remember when you took it out you need to consider the details of the transaction; the most common case for successful reclaims has been an instance where the lender convinced the borrower that they needed to take out an insurance policy provided by them in order to be granted the loan. In fact, it has always been the right of the consumer to search the market for their own deal, yet lenders were not making this clear and had been selling policies that were much more expensive than other like for like deals.

As a result of these discoveries a number of institutions – some very well known high street names – were handed heavy fines for malpractice and what followed was a comprehensive re-write of the rules and regulations surrounding the selling of PPI. The consumer is thus protected by such regulations as one that bans the selling of an insurance policy at the same time as agreeing to a loan. This gives the borrower time to shop for the best possible deal.

If you believe you have a case to reclaim PPI charges you should speak to one of the many specialist solicitors offering their services in the field.