The firm and financial ombudsman service must agree that ere mis-sold the PPI insurance, you should get back all of the premiums you have paid. And the same amount for interest as the court would award which is 8%.
You might n have been mis-sold the PPI policy at first but maybe you were treated unfairly when you wanted to cancel the cover. The FSA say that if the customers cancel the PPI policy then they should get a fair refund by the firm. It might not be a pro rated refund which means if you cancel half way through the claim then you won’t get half the cost back. Reasonably incurred costs should be the only payment the firm will charge.
If you feel that the refund is unfair that you should challenge it. Make sure you feel happy about it all; if you don’t then you must make sure that you do challenge it and get what you want. The customer is the most important.
Payment Protection Insurance is there to help people cover for payments may that can’t pay of an unfortunate advent. Not being able to work is the most usual one. With the Payment Protection Insurance policy an agreed amount of money is paid out each month to fully cover you, or with some policies it will cover a percentage of the payment due to your finance.
PPI will cover you if you:
• become unemployed, through no fault of your own
• are involved in an accident
• suffer an illness
When you take out mortgages, personal loans, credit cards or when obtaining credit on high value purchases like furniture or cars, PPI is usually taken out with that. You may be offered it by retailers when signing up with a store card. The Payment Protection Insurance will usually fully cover your monthly payments over a period of 12 months or in some cases it can be covered up to 24 months one the period of the payments have defined in your particular policy you will have to cover your the monthly payments our self.
Every Payment Protection Insurance polices have different levels of coverage and different exclusions. So every PPI are not the same, so when apply to Claim Back PPI make sure you have done your research on different policies because each one is individual The majority of PPI policies will not cover you if your not self employed unemployed or retired at the same time taking out the policy. If you have already had a medical condition or illness that could prevent your from not working will also stop you from being covered from most PPI policies.