Homeowners in line for £60 million PPI mortgage insurance refund
Mortgage payment protection insurance (PPI) was originally designed as a valuable safety net for homeowners, covering mortgage repayments should homeowners become unable to meet them, usually due to redundancy or illness. Mortgage PPI was meant to be a homeowner’s financial lifeline during difficult times.
Why is Mortgage PPI a Scandal?
Homeowners were not informed that mortgage PPI cover was optional at the time of the sale; In addition, homeowners were unaware that insurance costs were being added to their loan repayments with interest.
It was later revealed that Mortgage payment protection insurance providers raised the premiums associated with mortgage PPI while reducing the cover available as they became increasingly concerned with excessive claims.
Do I Have PPI?
If you have ever had a mortgage, credit card, or any type of loan, you should check for PPI
If you are a Homeowner you need to check for these things:
- Was it made clear to you that the purchase of Payment Protection Insurance was optional?
- Was It made clear to you that the insurance expenses would be added to your mortgage with interest?
If the answer to one of these is “No” you may be eligible for a healthy sum of compensation. You can use a trusted Free PPI Check to assist you.
November 2017 UPDATE: PPI Deadline has been announced by the FCA as August 29th 2019
All claims need to be made by this date after the deadline no further claims will be accepted if you don’t claim by the deadline you will not be entitled to compensation – even if a policy was mis-sold to you.
How Can I find out if I have PPI?
You can potentially check by yourself – You will need to go through all the papers you have ever received from every mortgage, credit card or loan you have taken out.
You will then need to contact every insurance provider to check if you were mis-sold PPI.
Luckily, there’s an easier way…
You can fill out a simple form to start your free, no-obligation PPI check.
This simple process has only 3 steps:
Step 1: Select your location below
Step 2: Complete this short form
Step 3: See if you have PPI to Claim