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Explaining the PPI policy

PPI stands for Payment Protection Policy. In other words, it is a form of insurance. It was often sold along with loans, regardless of their types. Some of the most common loans include all kinds of credit cards, mortgage loans, car loans or general loans for everyday needs. Simply put, no matter what you need money from, you an get a loan from random lending institutions – form banks to independent lenders. The PPI was wrongfully sold to clients along with these loans.

There are multiple ways to mis-sell the payment protection insurance and unfortunately, lending institutions have used most of them. However, generally speaking, the payment protection insurance is not something bad. It is an insurance that protects your loan. So, why is everyone so intrigued about it? The secret is in the way it was sold. Basically, people were not told about it or they were told it is needed.

In essence, the payment protection insurance is actually a good thing. Many people would pay for it voluntarily and even ask for something like this. Picture this scenario – you get a loan over five years. You pay it monthly, but then, after three years, something happens. You can no longer make your payments. Maybe you get sick and you skip work for a couple of months. Maybe the company you work for goes bankrupt and you have a few months off before finding another job. In other words, unexpected situations arise when least expected. Of course, while everyone is aware of such unpleasant possibilities, no one imagines they will happen to them. Unless you have a decent amount of savings, you will probably find yourself unable to make your payments. You can lose your car or even your house. This is when the payment protection insurance comes in to give you a hand and make the payments on your behalf.

Simply put, the PPI sounds like something good and helpful to have. It works just like any other insurance. You hope you will never need it, but you pay for it in case an unpleasant situation occurs. So, why is everyone so hype about it then? The problem is that it was not sold the right way. It was mis-sold, meaning people have no idea they paid for it or they were covered. Some others were wrongfully convinced that it is mandatory for their loan applications to be accepted.

Mis-selling the PPI

The payment protection insurance helps both the lending institution and its client. If the client is somehow unable to make the payments for one reason or another, the PPI policy will kick in and do it for them. Banks are covered, but clients also have a break until they get back on their feet. It makes no difference what their reasons are – sickness, accidents, job loss, unexpected problems and so on. The list can go on for ever. Both parts are easily covered if something happens.

Not mentioning the PPI

This was the most common way to mis-sell the payment protection insurance. Banks and lending institutions simply put the PPI in, but they did it in a way that most people would not be able to understand without professional financial education. At this point, most people had no clue that they were covered. They had no idea that they had to pay extra money for an insurance that they never knew about, not to mention not asking for it. Unfortunately, pretty much any lender has relied on this trick at least once.

Making PPI mandatory

Not telling clients about the PPI was not the only way to fool them. Many other lenders tried to keep it on the legal side of the story. Therefore, their contracts specifically stated the payment protection insurance. People were told about it if they noticed it and asked about it. The problem is that many of them were convinced that such an insurance is mandatory. It was not an option, but a requirement for their loan applications to be accepted. Again, the payment protection insurance was wrongfully sold.

It makes no difference what kind of situations you are in. Sure, it probably frustrates you knowing that you were taken for a fool by a company that you trusted. It is not about company trust only, but also about dealing with more or less impressive amounts of money, so you do not expect to be cheated on. Unfortunately, it happened. On a positive note, it was illegal, so you have the opportunity to recover your money. Get in touch with our team of experts and we will assess the case for you.

Recovering your money

You cannot just go to your bank or lending institution and ask to get your money back. There are some procedures to follow and most institutions will try their best not to pay you back. Unless you are a lawyer or a financial specialist, chances are you have no clue what steps you have to go through or what kind of bureaucracy this process involves. Fortunately, we are here to do it for you and you do not even have to pay us upfront, but once we win your case – no win, no fee.

Preparing your papers

How can you tell if you have paid for a PPI policy? What if your loan is still ongoing? The good news is that it makes no difference. It really does not matter if you are still repaying the loan or you have finished repaying it years ago. You do not have to do too much, but get in touch with us and provide a few details. We will find out for you whether or not you were wrongfully sold the payment protection insurance. If you have it, we will do all the paperwork required to get it back, even if you loan is already over.

No win, no fee

You do not have to make any payments upfront, but just give us some details – simple as that. Once we find the PPI (if you have one) and complete the paperwork, our solicitors and lawyers will prepare the case for you. It may or may not go in court. Even if it does, we will fully represent you. Given the wrong nature of this policy, we have managed to win every single PPI case we have taken so far. We know our way around and we try to finish your case and recover your money as quickly as possible.

It is important to know that not everyone has a case. If you have no details about your loan, we will find it hard to find out whether or not you had the PPI, but we will try our best. Most people who contact us do have some viable cases. Furthermore, you got nothing to lose if you get in touch with us, do you? We will conduct all the research for you, as well as the communication with the bank. If you have a case, we will make it happen and recover your money in no time. Contact us today for more details.