PPI Claims and Reclaims- What's The Difference?

What is the difference between a PPI Reclaim and a PPI Claim?

A PPI Re-Claim is much simpler than a PPI Claim, and much, much more likely to be successful. A PPI Re-Claim is a legal process to establish how the PPI policy was mis-sold in the first place by the finance company's sales person (who also sold the loan), and to get the lender to pay back the premiums paid by the borrower in respect of the PPI Policy.

A PPI Re-Claim does NOT pay back the loan, only the insurance premiums for the policy taken out to cover the repayments in the event of the borrower experiencing loss of earnings.

If any of the following apply to you you could claim back your PPI premiums:-

1. Were you self-employed or not working at the time you signed up for the Payment Protection Insurance PPI cover?

2. Were you pressured into signing up?

3. Were you told you had to take out the PPI at the same time as the loan?

4. Were you (or would you become during the course of the policy) the wrong age specified for PPI?

5. Were you informed that you had a better chance of getting the loan if you took out PPI?

6. Did they omit to tell you that you had a choice to look elsewhere for PPI cover?

7. Were you told or given the impression that the PPI cover was compulsory?

8. Were you informed that you had to pay upfront for your PPI without being told you were able to pay monthlu?

9. Did you ever increase your loan and find that your PPI premium was raised too without your consent?

10. Did they fail to ask if you had other insurance that would cover the loan? (It doesn't matter if you didn't have this, what matters is that they asked if you did. For instance, you may have had a separate loss of income protection policy through an insurer.)

11. Did they omit to tell you there were some exclusions that might affect your eligibility to make a Mortgage Payment Protection Insurance claim?

12. Did you pay an upfront premium, repay the loan early but then still not receive a refund?

13. Did they fail to fully explain the terms and conditions to you?

14. Did you ever experience a loss of income and then try to make a claim on ANY of your PPI policies? If, yes, was it successful?

If you answered YES to any of the questions above there is a good chance that you were mis-sold your Mortgage Payment Protection Insurance PPI policy.

If you have, or have had, more than one PPI policy in the last 10 years, even if the finance that was covered has now been repaid, you should ask yourself the mis-selling questions for each and every PPI policy you have had.

It is possible to make a mortgage payment protection insurance claim yourself but why bother when you can have your claim submitted free by and experienced and qualified solicitor? This saves you the time, energy and stress of having to deal with your lender yourself and also means they are much more likely to take your claim seriously and pay up sooner!

Comments? Questions? Email Here

© HowtoAdvice.com

How to Advice .com