Claim Your PPI Refund Today!

You may be spending money on expensive insurance you'll never be able to claim.

If you've ever taken out a loan, mortgage, credit card or store card, or bought something on credit, then the chances are someone tried to sell you payment protection insurance (PPI) at the same time.

The idea is that PPI covers your debt repayments if you can't work - for example, if you become ill, have an accident or if you are made redundant. But many PPI policies have been mis-sold which means you might spend a lot of money on expensive insurance you'll never be able to claim on.

The Alchemy Organisation has been making claims for mis-sold PPI for many years. Other organisations - such as the Competition Commission, the Office of Fair Trading (OFT) and the Financial Services Authority (FSA) - have also expressed concerns and have taken action to try and address the problems.

Not sure if you have PPI?

If you're not sure whether you have PPI or not, look at the paperwork sent to you at the time you took out your loan, credit card, mortgage or finance agreement. If you're still not sure, contact your lender or finance provider and ask whether you have PPI.

The Alchemy Organisation is here to help you complain about your PPI policy if you feel you were mis-sold.

IF YOU WOULD LIKE TO START YOUR CLAIM TODAY CLICK HERE

Exclusions and extra interest - find out why you should avoid PPI

Although there are clear rules that any firm or advisor selling a PPI policy has to follow, mis-selling is still a problem and consumers could be missing out on claiming back money that is rightfully theirs.

PPI on credit cards

With credit cards, we have found that many of our customers believed getting PPI was a condition of their credit card deal, or that their application was more likely to be accepted if they had it.

Medical exclusions

Payment protection insurance policies often have many exclusions, so you can't be certain that you'll get any money if you do make a claim. For example, if you have a medical condition (even if this isn't particularly serious) when you take out the insurance and weren't told about any exclusion relating to this, you won't be covered for anything that can be linked to that condition – in fact, you may not be covered at all. Most policies also won't cover you for conditions such as back pain or stress.

You could still be paying after your protection has expired

Most PPI policies only last for five years, so if your loan or finance agreement term lasts for longer than this, you'll still be paying interest on insurance that has long since expired.

Store cards and mortgages

PPI linked to mortgages, credit cards or store cards usually pays out for a limited amount of time only. Most often this is just 12 months, though some policies offer a 24-month pay-out period. On some credit card PPI, the insurance only covers the minimum monthly payment, meaning your balance may never reduce.

Payment protection insurance is too expensive

Adding PPI to a £7,500 five-year loan could cost an additional £2,000-£3,000. Consumers could end up paying interest on the insurance premium and the loan.

IF YOU WOULD LIKE TO START YOUR CLAIM TODAY CLICK HERE

Payment Protection Insurance (PPI)

There are clear rules that finance firms and advisers have to follow when selling payment protection insurance (PPI) policies - despite this our research shows that at least two million people may have a PPI policy they would never be able to make a claim on.

Mis-selling checklist

If you can answer 'no' to one or more of these questions, then you may have been mis-sold PPI.

Q.1. If the insurance was optional, was that made clear to you?

Q.2. Did the adviser tell you about any significant exclusions under the policy - for example, the exclusion that says you won't be covered for any pre-existing medical condition?

Q.3. If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance up front in one single payment?

Q.4. If you had to pay for the PPI as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and you would be paying interest on it?

Q.5. Single premium PPI insurance normally only lasts for five years. If your loan or finance agreement was for longer than this, did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement? The adviser should also have told you that you would continue to pay interest on the insurance premium, even after the insurance expired.

Q.6. If you bought PPI after 14 January 2005 did the adviser try to persuade you to take it out by saying something like 'we strongly recommend that you consider taking out PPI'. If so, the sale counts as an 'advised' sale and they should have issued a 'demands and needs statement' to show why a particular policy has been recommended and why it is suitable for you. If they didn't, this is grounds for complaint.

What to do next

If you answered 'no' to any of the questions in the checklist you should make a formal complaint as you may be entitled to compensation. Contact us today to start your claim.

IF YOU WOULD LIKE TO START YOUR CLAIM TODAY CLICK HERE