PPI refunds explained

Financial Institutions have a history of mis-selling PPI at the consumer’s expense. Find out what you are entitled to and make a claim to have your PPI payments refunded.
Anybody who made Payment Protection Insurance (PPI) payments over the last ten years should investigate whether they are in a position to reclaim PPI payments. There is a strong chance that PPI was mis-sold and that you could be eligible to have a significant amount of the PPI payments refunded.

What exactly is PPI?

PPI is sold with loans, credit cards and mortgages and other financial packages and is meant to protect consumers if their financial situation changes and they can no longer make financial repayments.

The reality however is very different. Despite being sold as a protective measure, PPI was often mis-sold to consumers who would never have had protection if their circumstances changed. This included, but was not limited to, the self-employed, those already retired or retiring or anyone with a pre-existing medical condition.

Not only were the terms of PPI often inadequate or not fully disclosed, but financial institutions often incentivised poorly trained sales staff to push through PPI alongside other financial products. Add to this the fact that some financial institutions were making PPI mandatory and contractually tying it into other financial products meant the consumer was vulnerable to receiving PPI policies unsuitable for their needs.

Source: http://www.pr-inside.com/print1991869.htm

Sally Bowyer Managing Director of financial claims specialists BrunelFranklin.com says: “In all cases it is the responsibility of the vendor to ensure the policy they sell is the right one for you at the time of sale. If you didn’t realise exactly what you were being sold and you have been paying for PPI premiums that weren’t fully explained, there is a chance you may have been mis-sold a policy.”

In recent months, The Financial Services Authority (FSA) has handed out significant fines to financial institutions for mis-selling and the Competition Commission has worked hard to make the future selling of PPI fairer. There has been no better time to take action and apply for a PPI refund.

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.