Reclaiming PPI. The direct approach to debt reduction.
In Credit Repair of CreditGuru (May 23, 2009 7:08 am)
The numbers of claims to relaim PPI is rising on a daily basis. Recovering your money will reduce your debt and out money back into your pocket in a single stroke.
Millions of loan agreements in the UK have PPI attached to them. A rotten deal for the borrower as less than 15% of claims are successful but incredibly lucrative for the lenders who overcharge consumers by over £4 billion each year.
Worst of all the payment protection premium is added to the loan increasing your debt. This can add an eye watering 20-50% to the loan amount and your debt.
There are several categories of borrower who should never have been sold PPI as, under the terms of the policy, they will never be able to claim. Because the borrower is entitled to the return of the premium the size of the debt is reduced immediately.
These include those with a pre-existing medical condition which has caused them to spend time off work; anyone without consistent income like the self-employed or contract workers; those with no income such as housewives or househusbands and the unemployed; all those who receive guaranteed sick pay especially the public sector such as the medical or emergency services; and even those who are retired or approaching retirement.
Now in any of those cases you have been mis-sold PPI. This means you are entitled to a full refund of your payment protection premium. The process of reclaiming ppi is quite straightforward.
You need to write to your lender detailing your complaint. You ask for the return of all of the PPI premium, which will be shown on your agreement, and you need to calculate all the payments you have made and request they all be refunded as well.
Once you have all your calculations, send all correspondence to your lender by recorded delivery. The internet offers a full range of standard leeters for you to use.
If the lender ignores or refuses your request you can then take your complaint to the Financial Ombudsman’s Service. An independant body they will assess your case individually.
You see the process for reclaiming ppi is quite simple but be prepared for the lenders to try to delay, confuse or ignore you and be ready for a series of letters or phone calls to get to the right person to deal with your complaint.
If you find the whole fairly daunting or you cannot spare the time to pursue the lender you can have your case handled professionally and at no cost.
At Free PPI Claims we have specialist solicitors who will run your case from start to finish FOR FREE.
They will calculate the premium, the payments you have made and attach the relevant interest. The y are experts in calculating the maximum claim which will include any lender fees and charges with interest added to the whole amount.
As an added bonus the solicitor will also negotiate a reduction in the length of the loan or a reduction of your repayments.
To take advantage of this FREE service just visit reclaiming ppi.
Your case will be handled by a specialist legal team. You can rest easy as this is a FREE service with no charges to you at all. The lender is the only party liable for costs. If you win £10,000: you keep £10,000. Instantly reduce your debt by reclaiming your PPI today.
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More people are being mis-sold PPI. But lately there is hope for better results for PPI claims.
Comment by Xee — June 5, 2009 @ 8:50 am