Martin Lewis PPI claim backs have been all over the news and consumer TV programs for some months now and thousands of people have used the information to successfully get a refund on their mis-sold Payment Protection Insurance. Martin Lewis PPI advice simplifies the process of getting a refund by providing template letters and information about what to expect from making a claim. Many people are not even sure if they have PPI so it’s well worth checking to see if you can get a refund yourself, especially as the average PPI claim back amount is around £2500, and some have been as high as £50,000!
What Is PPI Anyway?
It stands for Payment Protection Insurance and its purpose is to safeguard a loan, mortgage, credit card etc. against failure of payment in case of illness, unemployment or injury. For example if you had an accident that resulted in injury and loss of pay the PPI would pay your mortgage payments until you were working and earning again.
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Why & How Was It Mis-sold?
Firstly, the reason why they were mis-sold was because it was a fantastic money maker for the greedy insurance companies and so they sold them to people even if they didn’t necessarily need them. This falls under ‘Professional Misconduct‘ and is the main reason why it has ended up in court. Secondly, how it was mis-sold came in many different guises from customers not being properly informed to many not even knowing the PPI had been ‘secreted’ into their loans and mortgage deals.
How Do I Know If I Was Mis-sold Payment Protection Insurance?
Trying to remember what exactly happened when you arranged your mortgage or loan can be tricky, especially if it was years ago! Many people simply can’t remember but it doesn’t necessarily matter as there are certain circumstances that mean the PPI policy was mis-sold from the start. For example, if you were self employed, unemployed or retired and your policy doesn’t cover these then you immediately have a case for a refund. Check your insurance documents and read the small print to find out. Also any medical problems you had previous to the PPI may also have rendered it mis-sold as cover shouldn’t have been sold to people with certain medical conditions. Apart from the fore-mentioned reasons, other mis-selling was because some application forms for loans had the PPI box already ticked! This seemed like a condition of the loan to the customer and so many just went along with it not understanding what it meant. The way to get even is to find out if you have a mis-sold policy and claim back what is rightfully yours. Many of the high street banks have already coughed up so the doors are wide open for more of us.
Can I Claim Back My PPI Or Not?
The answer to that depends on whether or not you can show you were actually mis-sold it. The circumstances above, such as being self employed, unemployed or retired, will definitely be grounds for a claim if your policy doesn’t include that. Go over your policy with a ‘fine tooth comb’ and see if there’s anything that would mean you weren’t eligible for the payment protection in the first place. If you don’t like small print then maybe a no win no fee service would be better suited for you. They will research your PPI policy and tell you if something can be done. Martin Lewis recommends doing it yourself but sometimes it’s easier to get a professional involved.
What Are The Success Rates Of Getting A Refund?
The success rate of PPI refunds is about 60% to 70% depending on whose data you believe. This is at best an educated guess and shouldn’t be taken as exact but does offer a reassuring amount to at least check your policy documents.
Should I Use A No-Win-No-Fee Service Or Do-It-Myself?
There are pros and cons for each but your decision will be based on your particular situation and amount of time you have to spend. Martin Lewis PPI claim back template letters make it easier than ever to get started. The do-it-yourself approach will enable you to keep all the money whereas the no-win-no-fee way will be less hassle for you personally as they deal with your creditors for you and then take a percentage of your refund in commission. It’s a good idea to shop around online and visit as many no-win-no-fee PPI refund companies as possible to get the best deal. It can be the difference between paying £100 or £1000 in commissions!