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Don’t stay clueless about PPI – Clarify and reclaim now


There must have been a great deal of buzz about Payment Protection Insurance that you have heard of. There’s a chance you could have been told how much of a scandal it had been as the banks that people trusted now betrayed them by having come up with schemes to wrongly sign-up people to PPI. You could not probably have missed the news that the banks are now required to refund these mis-sold policies and PPI claims have now started flooding their offices.

And what of PPI and its effect on you? You can’t let yourself be this clueless of it. Payment Protection Insurance is a policy offered by creditors to their customers to help them if they suddenly become unable to keep up with their repayments due to a prolonged illness, accident, or redundancy. What swept the news by storm was the scandalous ways of pushing it into credit consumers. Some were not told that it will just be added alongside their credit agreement while others were either sweetly or deceivingly talked into buying it.


The least tricky bit to know if you have PPI is to have a look at your account documents. Check your statements, receipts, credit agreement forms, and policy certificate for references of payments you made and the date it was applied alongside your loan, credit card, or mortgage.


To reclaim payments on your mis-sold PPI, you’ll have to contact your bank about it. It will be best to put your intent in writing and state how the mis-selling took place. You need to also attach sufficient evidence through the paperwork you gathered.


You might have been unaware that PPI was sold to you. As with other consumers, banks found a way to forge their signatures on the PPI agreement form to sign people up without their knowledge and consent. There were also individuals who were automatically signed up to the policy when they applied for credit over the internet.

Aside from that, there were other credit account holders who were simply kept in the dark about important PPI information such as costs, cooling-off periods, duration of the policy, etc.

Eligibility requirements were not even considered for some. Those who were under the age of 18, over 65, with pre-existing medical condition, and not working full time, were not eligible for cover but were still made to buy PPI.

Another way that you could have been wrongly sold the policy is that, it just appeared there. The sales staff just signed you up without your knowledge or your online credit application form had a box automatically ticked that says you agree to sign up for Payment Protection Insurance.


Banks are mandated by the High court ruling to review the PPI claims presented to them and weigh how valid they are. They’ll refer to the information you attached and your statement of how the product was mis-sold to you. They may also contact you for additional information as needed. This investigation will run for roughly 6 or 8 weeks, or may take longer of there’s no sufficient evidence available for them to refer to.

After such time, a decision should be ready and you will be notified about the results soon after.


When the bank did not communicate with you, or they made a decision that was not in accordance with how evident the mis-selling was, you may complain to the Financial Ombudsman Service. The Ombudsman will get in touch with the bank to make further enquiries and question what they did to resolve the claim.

What happens then?

When your case is upheld, you will be happy to learn that the bank will be required to return all your PPI payments, plus the interest, through a cheque. If you still owe them in debt, the money you will be compensated with should cover the amount you still need to pay and make you debt-free. The decision should not, in any way, affect your credit standing and your relationship with the bank.

So, if you’re still clueless about how these things are done, this information should help you clarify things and hopefully gear you towards reclaiming the money that you could have spent on something more important than a dead policy.

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