Payment Protection Insurance or more commonly known as PPI was created to cover debt installments such as mortgages, auto loans, and credit cards if the borrower is no longer capable of paying the debt installments due to reasons including death, disability, unemployment and other financial hardships. The concept of this policy is apprehensive, as it is a fair at both ends.
However, lately, Payment Protection Insurance Claims have been in the limelight among the public and financial sector of the United Kingdom, and it seems everybody has been missold. The advisors at banks and financial agencies deceived their loyal customers by not telling them that this policy was optional, and they do not have to buy it if they don’t want to. Due to this wrong selling, the creditors had to pay the interest on the loan and the payment of the policy.
Am I Eligible To Make PPI Claim?
It takes only a few steps to find out if you are entitled to make a ppi claim, and what you need to do to be compensated. If you are not sure about being mis-sold the Payment Protection Policy that you own, then check whether you can find satisfactory answers to the questions given below.
- Were you informed that the PPI was optional?
- Were you told the cost of insurance is in addition to the cost of the loan?
- Were you clearly explained about the entire cost of the premium in detail?
- Did you possess any other types of protection policies while buying payment protection insurance cover?
- Have you told that PPI is compulsory or given a surety of other gifts like credit cards or other similar products in the event of taking a PPI policy?
How To Claim The Refund For PPI?
Keep in mind that reclaiming you PPI is not a walk in the park. So, to speed up your PPI refund and take the stress out of the process, it’s strongly advisable to seek assistance from a licensed claims management company. People who work for these companies are competent and efficient. In addition, most of them have been in the business for quite some time. With that, you will have a peace of mind knowing that you someone will help you get the job done.
When you claim back PPI, you are not only asking for the money that you have paid; you are also asking for interest. When the loan has already been paid, everything that is owed toward your debt will be claimed, and statutory interest will be added. When the loan is in the process of being repaid, the person handling your claim will take care of the settlement.