PPI refund guidelines
Financial Services Authority
According to figures by the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS), there is one financial product which continues to receive the highest number of consumer complaints; this is Payment Protection Insurance, or PPI. PPI is a policy that covers the purchaser during circumstances such as accidents, illness or job losses were the result could end in defaulting on loan repayments.
In many cases the FOS reports that customers who have taken out a loan had been given the wrong advice on PPI, or had been sold a PPI policy which did not suit their needs i.e. a product that did not cover them for the things it was supposed to. Furthermore, many customers had been totally unaware that PPI payments had been added onto the total cost of their loan repayments, this is where the battle against PPI mis-selling begins.
Considering a PPI Claim?
There are a few questions to ask yourself before you begin the reclaim process. Below are just a few of the many questions you should ask yourself to see if you have grounds to receive a PPI refund.
Look over your loan agreement paperwork, check the dates – did you take the loan out within the last six years? If you did then your chances of a PPI refund are greatly improved, even if the loan agreement has ended and you no longer make repayments. If you cannot find your paperwork, request copies from your lender.
If you find your policy was taken out more than six years ago and you are still making payments, there is still a chance you can make a claim. Once again, if you do not have the paperwork you require, you can request it from your loan provider.
Consumers are turning to professional claims companies in their thousands, to seek help in getting the maximum refund they are entitled to.
If you are unsure whether or not you may be entitled to a PPI refund, then you should contact Brunel Franklin, one of the most respected and well established financial claims specialists.
Sally Bowyer, managing director of Brunel Franklin, said: “We are pleased to have been able to help thousands of clients and get the maximum PPI refunds they are entitled to; many PPI cases we see illustrate just how careful you need to be when taking out loans and credit agreements, particularly over the phone. It is easy to rush things over the phone and all too easy for the vendor not to make clear the all important detail of the policy. It really does pay to check the small print.”
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.
