Are you one of the millions

Are you one of the millions of UK citizens which has a loan, credit card or mortgage? If you do it is highly probably you have been spending money on payment protection insurance, added on by your lender.

PPI should cover repayments on your debt should if you are unable to meet payments when you have become unemployed or are injured and unable to work.

Unfortunately only 18% of cases on PPI policies are actually successful, exclusion clauses that are efficiently loopholes mean that insurers don't have to pay out if you were unemployed when you took System.Drawing.Bitmap policy, or had a pre-existing medical condition. This shocking situation means that UK banks have made of 5. 5billion in profit by forcing customers to get policies when they didn't want or need these people.

However, you are now entitled to claim back your PPI back, leaving the particular banks facing a wave of statements against them for misselling protection insurance to their payment protection insurance claims customers.

The vast majority of coverage owners do not realise that they are paying for something that they either won't connect with their needs, or they don't even realize they have! Banks have mis-sold these types of policies knowing that people over 66 don't need it as they are retired and get no income from employment to lose. Banks have mis-sold Payment Protection Insurance policies to civil servants and professors whose sick and illness give would cover any payments.

There exists a darker side to misselling ppi, with many people not even aware that they had it on their loans or bank cards or were told by the lenders when they took out the loans it turned out compulsory. Again, in these circumstances the particular banks are legally compelled in order to refund the cost of the loan and make interest payments on any payments they have acquired.

Banks and lenders were paid well by insurance companies to promote then sell these policies, with staff obtaining commission and bonuses for all the product sales they made. The fact that the banking companies knew what they were doing in promoting these unworkable products means that they've been fined heavily by the FSA the particular regulatory watchdog for the banks.

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Create to your bank, requesting a money back guarantee. After they have said no (they always say no - don't be anxious! ) you need to write again plus threaten them with "FOS" - the particular Financial Ombudsman's Service. You will obtain a long winded No' to which you will need to duplicate your first letter and in addition state your intent to pursue legal measures and support from the financial ombudsman.

Banks know they have done completely wrong and will keep on denying your declare - they will never in fact will and when the settle it will be authored as a "good-will"gesture. It can take up to a 12 months to settle a claim if you have to attractiveness through FOS, the banks furthermore try harder to dismiss the actual call "Cyber Cookie Cutter" says - this name comes from simple fact people tend to download the same design letters from the internet when they try their selves - the banks recognise the particular templates and try to push their good luck more as they feel the people proclaiming know less about their rights.

The best way to reclaim PPI to contact a new claims company. Not only will they may have all the experience to claim back your payments, they will also deal with the claims divisions at the banks on a day to day basis. You certainly will always be able to pursue this sort of allege on a no win no fee basis.