Payment Protection Insurance (PPI) is designed to repay your loan/mortgage repayments should you be unable to work due to accident, sickness or you have become unemployed. For example say you take out a loan for £20,000 you might have been charged around £5,000 for a payment protection policy.
Single premium policies were sold to millions of customers over the years; these types of policies were very expensive, attracted interest throughout the whole term of the agreement and had a very restrictive cancellation nature.
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There has been a lot of controversy over this product for quite some time and earlier this year, the sale of single premium PPI was banned firstly by the Competition Commissioner, closely followed by the Financial Services Authority (FSA). There are still thousands of customers out there who are unaware that they can reclaim their money back now!
Most payment protection policies only have a five year life-span but loans can have much longer re-payment terms so effectively, by lumping the two sums together, people can still be paying for something, which is totally defunct, years later.
Companies such as Egg Finance, Alliance and Leicester and the Swinton Group have been fined millions of pounds for misselling these policies and the Financial Ombudsman and the FSA (Financial Services Authority) are urging banks to end delays in paying out due compensation. So have you taken out a loan which is live now or that you paid off no more than six years ago? Was the cost of the policy added on to the total sum of money you borrowed? If yes, you could be due a windfall.
In order to make a claim you first need to check your credit agreement and identify:
Loan Amount - Amount borrowed including PPI and any fees.PPI Premium - Insurance premium amount when borrowed.APR% - Interest rate percentageLoan Term - This is how many payments the loan is overTotal Loan payment monthly (including PPI) - What is the loan payment each monthNumber of months paid to date - How far into the loan you are? i.e. Number of payments already paidYour credit agreement should have been provided to you by your lender at the point of sale. Alternatively you may have a settlement statement or welcome letter from the lender which confirms the amount of the PPI premium.
Once you have done this you can then go to a claims management company and have your claim value calculated. An average claim can be around £4,000! They will collect various information off you and do all the leg work for you.
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