| The sale of single premium payment protection | | | | need to combine them and add 8% statutory |
| insurance is now banned in the UK. The policies have | | | | interest, as allowed under the law, for each year the |
| been proven to be horrendously overpriced and | | | | loan has been in existence. |
| severely lacking in real insurance cover. This is the | | | | It does not matter whether the loan is current or |
| time, if you have been burdened with one of these | | | | redeemed you are still entitled to reclaim ppi. |
| policies, to reclaim all your money. | | | | The only stipulation with a loan which has been paid |
| To calculate exactly how much you are due is quite | | | | off is that it has to have been redeemed no later |
| complex but is worth the effort as it will make sure | | | | than six years ago. If the loan was repaid any earlier |
| you receive the absolute maximum amount you are | | | | than that it will be time barred and excluded from |
| due. | | | | any claims you may feel you have. |
| As well as the premium itself there are several other | | | | There are many standard templates and calculators |
| factors you need to include in the total claim. You are | | | | which are available online which you can use which will |
| entitled to reclaim money from the very moment the | | | | simplify the whole process for you. |
| whole loan came into force and this will dramatically | | | | Once you have the final calculation you then need to |
| increase the total amount which you are entitled to. | | | | assemble a letter of claim and present your claim to |
| These are the key elements that need to be added | | | | the lenders. Again there are standard letters available |
| into your equation when you are reclaiming ppi. | | | | which you can use for this. |
| 1. You need to find exactly how much you were | | | | The key to this whole process is to make sure you |
| charged for the payment protection policy itself. This | | | | claim for absolutely everything you are due. Doing it |
| will be shown on your original credit agreement. If the | | | | this way if the lenders come back to negotiate you |
| policy is for £1,000: you will reclaim the full | | | | are starting from the highest possible figure. |
| £1,000. If the policy is for £12,000: you | | | | Alternatively if you find the whole process a bit |
| will reclaim back the full £12,000. | | | | daunting there are numerous claims management |
| 2. You will need to calculate how much you have | | | | companies and solicitors who will undertake the whole |
| repaid toward that policy. If your monthly repayment | | | | task for you. |
| is for £60 and you have paid for 30 months, | | | | Just make sure that you do not incur any upfront |
| you will reclaim £1,800. If your monthly | | | | costs or pay any upfront fees for their services. |
| repayment for the policy is £100 and you | | | | There is only one side which should be liable for costs |
| have paid for 4 years, you will reclaim £4,800. | | | | and that is the guilty party...the lender. |
| 3. Once you have the two totals from above you | | | | |