PPI, which is short for the term Payment Protection Insurance, is an add-on to a mortgage, credit card or loan arrangement. PPI is designed to help you when your personal employment status changes. For example, if you are made redundant, suffer and accident, or fall ill and therefore cannot work, then this type of insurance will cover you and allow you to service your repayments. However, vendors have reportedly mis-sold this policy to a large number of customers over the last 10 years and some consumer may not even realise that they are paying for the policy.
Do you know if you have PPI? If not, it can be found on your annual or monthly statements which you receive from the bank with regards to your agreement – it commonly appears as “Payment Protection Insurance” or PPI. If you are unable to find the correct documents then it might be worthwhile talking to your vendor directly and asking them if it is part of your agreement. This is an important step to take as the information regarding your PPI contract, such as, how long you have had a policy and how much it is costing you, may help when seeking a PPI refund.
How much will a PPI refund entitle me to?
You may be wondering how much of your paid premiums you will receive from a PPI refund. Well, this varies from one case to the next as many factors come into play. For a start, different banks charge different amounts for their PPI policies. Should your PPI refund be successful then you will be entitled to receive the total costs that you have paid on the policy, with any interest added onto this. The average PPI refund handled by Brunel Franklin across all types of PPI policies is in the region of £2,200.
Reclaiming your PPI can take as little as just a few weeks from start to finish, although the length of time will depend on your individual case. BrunelFranklin.com has helped thousands of people who have been victims of PPI mis-selling. If you have grounds for a refund, it will be pursued by our dedicated staff, experienced in the complexities involved to give you the very best chance of securing the maximum payout.
Sally Bowyer, Managing Director of financial claims specialist BrunelFranklin.com says that the public are slowly becoming wiser to the tactics of mis-selling, but that a lot of the damage is already done: “It is important to realise that we may all unwittingly have taken out PPI during the years when lenders were offering a seemingly endless line of credit in the form of loans and credit cards in particular. It costs nothing to check your paperwork for insurances that you may not even know you are paying for. PPI per se is not a bad product, however the onus is on the vendor to ensure the product is the best for your needs at the time of sale. If the best product for your needs was not offered, or if you were unaware of the true cost, for example, you may have grounds for a claim.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.