When Will PPI Claims End?
Claim Back up to 30 Years of mis-sold PPI
No Original Paperwork Required
The PPI scandal that rocked financial institutions around the UK has allowed thousands and thousands of people who overpaid on their loans to get back the money that is owed to them. However, there may be thousands more who have not made any attempt to reclaim what is owed them because they feel that their time has passed or that the loan was created too far back for them to get their money.
Essentially, payment protection insurance (PPI) was instituted to protect borrowers when they could not make their monthly payments on their mortgages, loans or credit cards. Reasons such as illness, injury or unemployment were covered under PPI which provided the payments until the borrower could once again make they payments themselves.
However, it was revealed that many banks and lending institutions abused the PPI system for their own benefit. This meant that for thousands of borrowers, they were paying PPI interest rates that were above what the law allowed, where told that PPI was mandatory when it wasn’t or even that they were charged PPI without their knowledge.
The scandal caused the government to set up a program that allows for borrowers who have legitimate grievances to reclaim the money that was taken from them. For those who want to file a claim, it must fall under one or more of the reasons that are presented here;
– PPI was charged without the knowledge of the borrower
– The borrower was told that PPI was mandatory when it wasn’t
– The interest rate of the PPI was higher than what was required by law
– The PPI coverage did not match the value or length of the loan
– The borrower was told that PPI coverage was not available from another lender
– The borrower was above the age limit when PPI coverage was instituted
These represent the most common reasons that allow borrowers to reclaim PPI payments. In fact, any incident that misrepresented PPI coverage to them, such as being told that PPI improved their credit or not being fully explained the value of PPI could also qualify them to reclaim their money.
With the current rush of PPI claims being made, many people may be under the impression that time is running out in filing a claim. However, at the current time there are no plans on stopping the PPI reclaim program. This is mainly due to the fact that there are still thousands of people who are either have not reclaimed their money or are not aware that they still qualify for a PPI claim.
For those who believe they may have a legitimate PPI claim, there are two options that they can pursue. They can file the claim themselves or seeking out the help of a professional firm that can do the filing for them and charge a percentage of the money that is returned.
When will PPI claims end? The answer certainly appears to be that it won’t end until everyone has had the chance to reclaim their money no matter how far back the loan was written or when it ended as long as they qualify for repayment.