If you have taken out a loan, mortgage or credit in the last ten years you will have probably been wrongfully sold PPI. You may not even be aware that you are eligible to claim back your money and the seriousness of what the banks have done.
Over the last ten years, banking salesmen have hunted for those last ounces of commission by slapping add on products to their services, most commonly PPI. The chances are that if you had PPI tagged on to something you bought then it was never going to cover you anyway, something that has really become obvious since the recession. In many cases a bank would tag on compulsory PPI in order to take out the loan, this was money in the bag as it would never be paid back out, or so they thought.
This whole time, lenders knew full well that the PPI they were selling was completely useless to the people they were selling it to, even though they told them otherwise. This has called into action the financial watchdogs who have forced many of the large lenders to pay back the money to customers. However, most banks are still using a 'don't ask - don't get' policy making the customers chase them for their money, often alone but more successfully with the help of legal experts.
The first step in claiming back your PPI is to write a letter to your bank/lender asking for a full refund. They will definitely reply with a variation of 'no' to which you need to be more forceful, threaten legal action and declare your intent to involve the financial ombudsman. They will probably continue to respond with a range of answers ultimately dismissing your claim, albeit wrongfully, as they have no fear of your authority. The key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.
Using a legal agency to help you claim back your PPI is often hassle free as they are experienced and will do all of the legwork for you. This will often have a faster affect than acting for yourself and will most likely end in success. Many solicitors are no win no fee so you wont lose out by claiming with them and it's the best way of hitting back at the evil banking giants!
Over the last ten years, banking salesmen have hunted for those last ounces of commission by slapping add on products to their services, most commonly PPI. The chances are that if you had PPI tagged on to something you bought then it was never going to cover you anyway, something that has really become obvious since the recession. In many cases a bank would tag on compulsory PPI in order to take out the loan, this was money in the bag as it would never be paid back out, or so they thought.
This whole time, lenders knew full well that the PPI they were selling was completely useless to the people they were selling it to, even though they told them otherwise. This has called into action the financial watchdogs who have forced many of the large lenders to pay back the money to customers. However, most banks are still using a 'don't ask - don't get' policy making the customers chase them for their money, often alone but more successfully with the help of legal experts.
The first step in claiming back your PPI is to write a letter to your bank/lender asking for a full refund. They will definitely reply with a variation of 'no' to which you need to be more forceful, threaten legal action and declare your intent to involve the financial ombudsman. They will probably continue to respond with a range of answers ultimately dismissing your claim, albeit wrongfully, as they have no fear of your authority. The key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.
Using a legal agency to help you claim back your PPI is often hassle free as they are experienced and will do all of the legwork for you. This will often have a faster affect than acting for yourself and will most likely end in success. Many solicitors are no win no fee so you wont lose out by claiming with them and it's the best way of hitting back at the evil banking giants!
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