Many who apply for loans are doing so because they have no other option. It can cause a certain level of anxiety, especially when the applicant has a history of with unemployment or ill health. Some of this worry can be eased bv PPI for when such incidents occur, the repayments will be granted a holiday. Loans are protected in this way, even without collateral.
However, sometimes a loan applicant will have been mis-sold PPI and having realised this too late, may decide to make a claim. If you believe this to be the case, you need to take certain factors into account beforehand to ensure that you make the most out of your claim. You could demand the full premium be returned to you. You could also ask for every payment you have made so far be returned and in addition, any interest which you have paid. State very clearly that you wish for all payments to be returned.
You can also request that all commissions which the sales agent received on your PPI be returned. By law, you must receive all brokers fees also. You can request any statutory interest on payments you have made. This could be an 8% premium.
The figure that is returned to those who have been successful in their claim varies wildly but there the average amount lies somewhere around 2,500. In order to make a claim in the first place, however, it needs to be taken out within the last 5 years or it is simply too late. There have been successful claims of over 25,000 so it is worth making one if you believe that you have a genuine case.
Don’t delay making your claim as there is a time limit in place. You could seek advice to ascertain whether you can make a claim or not and to ensure that you receive the correct amount. There are no upfront fees for this service and you could ultimately be saving yourself money.
The banks mis sold PPI so why not claim it back.
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