Reclaiming Payment Protection Insurance

Jan 11

Reclaiming Payment Protection Insurance

Far too many people were sold payment protection insurance, without any real understanding of what they were purchasing. This allowed banks to make huge profits, using the premiums that you were paying. Thankfully there are ways for you to claim this money back; however, you need to ensure that you use the best company to assist you.

Taking the time to understand what PPI is, and how to identify how much you were paying, will help you to make a successful claim. Payment protection insurance is a monthly policy, which will protect your loan and credit card payments, in the event that you become unemployed, sick or die.

If you have taken out a loan, credit card or mortgage in the last 10 years, it is highly possible that you would have been paying PPI payments. You will simply need to check a statement from the credit card company, to determine how much PPI you have been paying. Loans will often add the PPI to the overall period, which is why it is easier to check the monthly statement from your credit card.

Many people do not know that they were paying for this PPI, and some were told that it was compulsory, which is untrue. If this was the case with your loan, or credit card, you are entitled to claim the PPI back, which can be a substantial amount. Once you have established that you have been paying PPI, you should contact a claims company to assist you in the future.

You should visit www.consumerfinanceclaims.org.uk to establish how they can help, and what further information you will need to supply. Filing a claim for mis sold PPI may be daunting, which is why you should seek professional help and advice. They will be able to ensure that you receive everything that you are entitled to, and return all fees and commissions.

PPI claims can be dealt with quickly, and you will not only receive the payments that you made, but also a percentage on top. This can be anything up to 8%, which is a brilliant amount to gain for the time that you spent paying a fee that was unnecessary. There are very few cases that cannot prove that they were mis sold the PPI; therefore, many claims companies will provide a no win no fee arrangement.

There are certain criteria that you will need to meet to ensure that your claim is a success, however, the company that you choose to use will advise you of these before making the claim. Once you feel confident that you are in good hands, you can sit back and let the experts do their job. Reclaiming any money back from large banking organisations can be fulfilling and will hopefully change attitudes in the future.

If people had not been misled and sold the PPI, there would not be a huge amount of payouts now, unfortunately, the banks as always were greedy, and wanted to earn more money. If there is any chance that you were missold the PPI, you should investigate further. There may be money waiting for you to claim, which can be an excellent start to the New Year.