PPI Reclaims

If you have got or had a loan, credit card, store card or mortgage in the last six years, there is a chance you may be able to reclaim £1,000s.

What are PPI reclaims?

Basically over the last decade the mis-selling of Payment Protection Insurance (PPI) has been rife and you could have been paying out £1,000s for cover that could be worthless.
In principle PPI isn't a bad product. PPI is designed to meet the repayments of the finance it is sold alongside for a year in the event of you becoming sick or suffering an accident and being unable to work or if you are made redundant. In principle, this makes PPI sound like an ideal product, however it isn't. And why isn't it? Simply because more than half the people PPI was sold to, would never be able to claim on the insurance. PPI was mis-sold and not just in a few cases, over the last decade PPI mis-selling has been rife.
PPI mis-selling was often systematic, banks and other lenders almost forced their sales staff to mis-sell the insurance by setting unrealistic sales targets. Sales staff told customers PPI was compulsory, added it on to finance without the customer's knowledge, sold it to those who weren't eligible – the self-employed, the unemployed, the retired, those who were ill and knew one day they might not be able to work, PPI was mis-sold to all of these people. You could have been one of these people, you could have been mis-sold PPI, the good news though is you can reclaim PPI.
Here at iSmart Consumer Solutions, we can help you with your PPI reclaims. By applying online or  by calling us on 08000 439 243, we can begin investigating your case to reclaim PPI. One of specialist advisors will immediately begin working on your PPI reclaim.

Can I make a PPI reclaim?

Over the last ten years or so, the banks and other lenders came to realise profit couldn't just be made from selling loans and credit cards but also the insurance sold alongside them. On average, PPI generated around £5 billion a year for lenders, the main reason for the insurance being such a money spinner was the fact PPI was being mis-sold. PPI wasn't just sold to those who needed it, it was sold to anybody it could be sold to, whether they needed it or not.
You may have been mis-sold PPI and could be eligible to make a PPI reclaim.  PPI could have been mis-sold if you was told the insurance was compulsory (it isn't), it could have been mis-sold if you wasn't even aware you had purchased cover and it could have even been mis-sold if you were already covered through work or your partner. It could have also been mis-sold if the cover was for a store card that was taken out in a shop or over the phone without the terms of the policy being explained to you.
When taking out a PPI policy, lenders are obliged to inform you of the specific criteria of the insurance including the terms of the insurance and any exclusions there is, they also should confirm PPI is the right insurance product for you. However this often didn't happen as PPI earned the lenders a high level of profit and staff were encouraged to sell as many PPI policies as possible, often due to being set unrealistic sales targets.
Were you told PPI was compulsory? From our vast experience of PPI reclaims, we know that many customers are led to believe that PPI is compulsory when taking out certain loans and credit cards, this is of course is not the case. We have also found that customers have been told that taking out a PPI policy will improve their chances of being accepted for the loan or credit card, again this is not true.
You could have been mis-sold PPI and could be eligible to reclaim PPI if:

• the salesperson didn't make it clear PPI was optional
• the salesperson implied you would have a better chance of being accepted for the loan or credit card if you took out a PPI policy
• the salesperson implied the loan would be more expensive if you didn't take out PPI
• the salesperson was very pushy when selling PPI to the point that you felt like you couldn't say no
• you weren't allowed to continue with the loan application unless you signed an agreement for PPI as well

Were you already covered by another insurance policy? Another case of PPI mis-selling we have found is where the customer already has another form of insurance cover for their payments, which the salesperson knows about but still insists the customer takes PPI cover. If you were already covered, for example if you had an income protection policy or you were covered by an illness and redundancy from your employer and you informed the salesperson of this, then PPI has been mis-sold.
Did you have a joint loan but were only sold PPI cover for one person? If this is the case, PPI can be reclaimed as the loan was the responsibility of more than one person yet the insurance would only pay out on one person's behalf.
Was the PPI purchased in a shop alongside a store card or a finance for a car? If so there is a good chance that the insurance was mis-sold and you can reclaim PPI. There is a good chance you can reclaim PPI as it is likely the insurance was sold you by somebody with no financial background, which leaves more room for area and any advice given could be incorrect, meaning the PPI may not have been right for you.
Were you self-employed, unemployed or retired when you took out the PPI? You definitely have a case for PPI reclaims as PPI does not cover anyone who isn't in employment or who has varying levels of income.
Have you had medical problems in the past? Most PPI policies won't cover you if you have pre-existing medical conditions that could stop you from working in the future. If you were sold PPI and the salesperson was aware of your pre-existing medical condition then the insurance has been mis-sold and you have a case to reclaim PPI.
If you believe you have been mis-sold PPI, apply online or call us on 08000 439 243, we will immediately begin the process for your PPI reclaim.