PPI Refunds

PPI refunds are refunds of the money used to pay for PPI policies that have been mis-sold.
PPI is short for Payment Protection Insurance, a controversial insurance policy that has been vastly mis-sold to customers over the last decade.

It is the intention of a PPI policy to cover a customers monthly loan or credit card payments (or a percentage of them), if the customer cannot work due to suffering an illness or if they are involved in an accident or if they have been made redundant. Though PPI is designed to ensure a customers's monthly finance repayments are made, this isn't always the case and PPI has been sold to customers who wouldn't be able to make a claim against the insurance. Over the last ten years, many well known loan and credit card providers have been found guilty of mis-selling PPI. Well known lenders including Alliance & Leicester, Egg, Capital One and HSBC have all been fined millions of pounds for selling the insurance to people for whom it was inappropriate.
It has been estimated by the Financial Services Authority (FSA) that the number of people who were mis-sold the insurance runs into the millions. With our expertise in claims handling and our knowledge of the UK financial system, we can help with refunding PPI.
Like many others, you could be eligible for a PPI refund. PPI was a big money spinner for the banks and other lenders and was sold to anyone who would take it  or indeed to anyone it could be sold to, whether they knew it or not. Act NOW, think smarter, you could be entitled to a PPI refund.

Am I eligible for a PPI refund?

You could be eligible for a PPI refund if you have taken out finance in the last ten years, whether it was a credit card, store card, personal loan or car finance and if you can answer “yes” to any of the following statements.

• Did the salesperson add PPI to your loan or credit card without you requesting it?
• If answering “yes”, the salesperson more than likely was trying to achieve sales targets and was using unscrupulous methods to do so. As a way of getting you to agree to the insurance, they may have described the loan or credit card as “protected” or indeed may have just failed to mention the insurance at all, either way you were mis-sold PPI and are eligible for a PPI refund.
• Was it implied that taking out a PPI policy was compulsory or by taking it your chances of obtaining finance would be increased?
• If answering “yes” to this question, the salesperson selling the policy to you was either mis-informed or poorly trained or merely using an unscrupulous sales technique, again either way you were mis-sold PPI and are eligible for a PPI refund.
• Did the salesperson fail to inform you PPI was optional or that cheaper cover could be purchased elsewhere?
• It should have been explained to you by the salesperson that PPI isn't mandatory and that it can be purchased from outlets other than that of the lender, if they didn't you were possibly mis-sold PPI and could be eligible to have your PPI charges refunded.
• Were there policy exclusions, such a stress related illness and back problems,which were not explained to you?
• When purchasing insurance, policy exclusions should be fully explained to you either verbally or as part of the written policy, if not you were mis-sold PPI and are eligible to have a PPI refund. Often when PPI was sold over the telephone, the salesperson neglected to cover all of the exclusions before finalising the sale.
• At the time of taking out the cover were you self-employed, unemployed or retired?
• If yes, no PPI policies exist where you would be eligible to make a claim so you were mis-sold PPI and will be able to receive PPI compensation.
• Did you have a medical condition or an illness when you took out the cover, that could have kept you from working?
• If yes you wouldn't have been eligible to claim on the cover so you were mis-sold PPI as it was not fit for purpose. Contact us for a PPI refund.
• Did you purchase PPI to cover a long term loan, but the insurance sold to you covered a much shorter period which was not explained to you?
• If yes, it should have been explained to you that PPI only usually covers the borrower for a period of 1 – 2 years, an example of why PPI is a product not fit for purpose and an example of mis-sold PPI.

Why can I claim for a PPI refund?

If you've been mis-sold PPI, you can claim for a PPI refund. It is simple. The reason you can claim for a PPI refund is because you have been sold a product you either didn't want or couldn't use.
If you have been mis-sold PPI, you have been effectively paying for a product that you shouldn't have been paying for. Each month, your money has been contributing to something that you wouldn't have been been able to use.
If you have been mis-sold PPI for whatever reason, you are definitely entitled to a PPI refund.
All mis-sold PPI cases are bad but in the worst of the cases, the lender who mis-sold the PPI policy knew they were mis-selling it. In these cases, it wasn't simply a lack of training on the salesperson's part or simple human error, they knew they were mis-selling the insurance and were doing it to meet high sales targets or to earn themselves a healthy commission. Many banks and lenders admit they are guilty of these unscrupulous sales practices and have been fined millions of pounds by the Financial Services Authority (FSA), so if you have been mis-sold PPI, refunding your PPI is something they have to do.
Whatever the reason for being mis-sold PPI, if you were mis-sold PPI, you are entitled to a PPI refund.
iSmart make refunding PPI easy, with our expertise in claims handling and our knowledge of the UK financial system, we can help with refunding PPI, either apply online or give us a call on 08000 439 243 and we will set the wheels in motion for your PPI refund.