Payment Protection Insurance
iSmart Claims are a UK specialist in Payment Protection Insurance claims management, Missold Payment Protection Insurance Claims and reclaiming unfair bank charges. Our average refund to customers for mis-sold Payment Protection Insurance payments is £2200! You could be owed this money and by thinking smarter we can reclaim your mis-sold Payment Protection Insurance payments.
We have already helped over 80,000 customers with mis-sold Payment Protection Insurance claims, recovering over £20 million worth of claims on their behalf.
We deal with banks, the Financial Ombudsman Service (FOS) and the Office of Fair Trading (OFT) on a daily basis, which gives us the knowledge and expertise to begin your claim to recover your mis-sold Payment Protection Insurance payments today.
What is Payment Protection Insurance?
Payment Protection Insurance or PPI is an insurance policy taken out alongside personal loans and mortgages, when applying for a credit card or store card and when obtaining finance for high value purchases.
Payment Protection Insurance is designed to cover your monthly payments (or in some cases, a percentage of them) if you become unemployed or if you are unable to work because you fall ill or suffer an accident. A typical Payment Protection Insurance policy is designed to cover a period of 12 months.
Payment Protection Insurance is also referred to as PPI and is sometimes known as loan protection insurance or Accident, Sickness and Unemployment (ASU) cover.
Who sells Payment Protection Insurance?
Payment Protection Insurance is sold by banks, loan companies, finance providers and credit card providers at the time of obtaining finance. Payment Protection Insurance is also sometimes sold by retailers when customers sign up for store cards. Brokers and other insurance providers also sell Payment Protection Insurance after customers have obtained finance, but research suggests many people aren’t aware of this.
Were You Mis-sold Payment Protection Insurance?
The mis-selling of Payment Protection Insurance in the UK is more common than many people realise.
Research by the Financial Services Authority (FSA) has found millions of mis-sold Payment Protection Insurance cases.
The FSA has found several reasons for the mis-selling of Payment Protection Insurance. You may have been mis-sold Payment Protection Insurance and may not even know it. Around 90% of the UK public have a credit card or loan, there is a good chance all of these people could have a claim for mis-sold Payment Protection Insurance.
FSA research shows the main reason Payment Protection Insurance gets mis-sold is because customers are not given the correct information at the point of sale.
Your mis-sold Payment Protection Insurance claim could be worth thousands. Think smarter and start your claim for mis-sold Payment Protection Insurance today.
When are Payment Protection Insurance payments made?
Usually Payment Protection Insurance is paid for each month as part of your loan repayments or in the case of a credit card it is added to your monthly bill.
“Single Premium” Payment Protection Insurance policies also exist, this is where the insurance is paid for up front and the money to pay for it is added to the finance, you are taking out. “Single Premium” policies prove very expensive for customers as interest is paid on the cost of the insurance. Should you wish to cancel the policy, you will often be told it cannot be cancelled without recalculating the entire loan.
Can you make a claim for mis-sold Payment Protection Insurance?
Are you unsure whether you have a Payment Protection Insurance policy? If you have a credit card you can establish if you have a Payment Protection Insurance policy by checking your monthly statements, as it should be stated. If you have a personal loan, mortgage or any other finance, you should check the original agreement but it might not be so obvious. If in doubt contact your lender to find out if you have a policy.
You may be eligible to claim back your payment protection payments if any of the following cases apply to you:
• You didn’t ask for a Payment Protection Insurance policy, but it was added anyway
• You were informed Payment Protection Insurance was compulsory or that by taking it, you would have a better chance of obtaining finance
• You wasn’t made aware payment protection was optional or that you could purchase cheaper cover elsewhere
• The policy exclusions were not pointed out to you – for example, the terms for cancelling the cover or significant exclusions such as stress and back problems
• You were unemployed, retired or self-employed when you took out the cover – if so, you would be unable to make a valid insurance claim
• You had a medical problem or illness at the time of taking out the cover that could have kept you from working – Payment Protection Insurance is unsuitable insurance cover in this case
• If you were sold a “Single Premium” policy, you should at least be able to get a refund by cancelling the Payment Protection Insurance
• Many policies have an upper age limit, usually 65 or 70. You claim if you were older than this at the time of taking out the Payment Protection Insurance policy.
• If you already had alternative cover that could insure your repayments – such as income protection or an employer illness or redundancy package – but were not asked about this, you could claim.
• If you bought Payment Protection Insurance to cover a long term loan, there is a chance that the insurance will run out before the loan is repaid. Many Payment Protection Insurance policies will not cover the full loan term, the seller should have explain this limitation. If they didn't, you can claim.
If you believe any of the following apply to you, you may have a mis-sold, mis-represented or mis-informed Payment Protection Insurance claim.
iSmart can help you think smarter by beginning the process to reclaim your Payment Protection Insurance payments.
Reclaiming Payment Protection Online
If you believe you have been mis-sold Payment Protection Insurance, iSmart Claims can help reclaim any payments you have made for a wrongly sold policy.
By filling out our online application form you can start the process for reclaiming your mis-sold Payment Protection Insurance. Our specialist team will then begin working on recovering any Protection Payment Insurance payments you have made.
For more information you can call one of our specialists on 0800 043 3025
No upfront fees
It's time to get smart and claim back what is potentially yours. If you have taken out a loan in the last 10 years...
Regulated by the Ministry of Justice in respect of claims management activities. Authorisation number CRM2506. View at www.claimsregulation.gov.uk
* that's the average amount of compensation awarded to an i-Smart PPI claims customer.