PPI, also known as Payment Protection Insurance, is a fairly new term used to describe an insurance service which will repay any loan or credit repayments you are unable to pay. It can be confusing for many consumers when a company tells us that we have to have this new insurance to protect our finances. Here we have put together an easy to follow guide about PPI.
When we first describe payment protection insurance, it seems like the ideal solution for solving all our issues with dept and loans. It is a service many banks, lenders and insurance companies are offering to help repay all our loans and depts. Banks and lenders will tell you that if you lose your job, become sick or involved in an accident, all loan and credit repayments will be covered with PPI. This might at first seem too good to be true. However, banks and lenders have been known to miss-sell this expensive service.
Many policies have significant exemptions making it extremely difficult for holders to ever make a claim. In 2011 there was an influx in many banks and lenders mis-selling PPI. They would do this by either telling consumers that the insurance was compulsory or selling the insurance to consumers without fully explaining what they were covered for. In some of the worst cases, the bank or lender would even add the insurance to the customer's loan without their consent. The good news is that if you feel you were mis-sold PPI and have a valid claim, it is likely that you are eligible for PPI compensation and will also be able to claim back the interest you were charged.
The amount you can claim in compensation will depend on your policy. However, if you were in anyway mis-sold this service, it is almost certain that you will be able to claim back all premiums, interest and in some cases any outstanding payments will also be stopped.
Making a claim can be a difficult and drawn out process, something you definitely don't need after being sold something you didn't really need or want. There are many claims management companies who can help you to make and claim and ensure you receive every penny you are owed.Whatever your situation, a professional team of claims management experts can make sure your claim is processed quickly and efficiently.
Even if you have already paid off your loans or you pay your PPI premiums monthly, you are still eligible to make a claim, and with your claims management company all the confusing paperwork and forms will be dealt with for you, allowing you to sit back and wait for your cheque.
Let the experts take it from here and make your claim today for 100% compensation.
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