PPI stands for Payment Protection Insurance. Even if the name sounds unfamiliar, there is a possibility that you have purchased one. Find out if you have this insurance package and know how to claim PPI.
There have been several cases of mis-sold PPIs simply because agents and sellers want to make money. The profit is fairly substantial and sometimes even bigger than profit from the loan that the client has taken. Which is why packaging Payment Protection Insurance with a loan is common practice.
About three million people are said to have purchased PPI without their knowledge. It is likely that you need to start reviewing you loan and credit offers. You might be able to get some reimbursements with a few simple steps.
The first step is to validate that you have subscribed to a PPI plan. Instead of directly stating that it is an insurance product, companies would often label it as “special protection”. Read the fine print of your loan agreements and look at words like “special cover” or “credit protection”.
Don’t be fooled by the technical jargon. If your home is mortgaged or if you have a credit card then it is possible that you also have PPI. Many people pay for their PPI plan monthly and are not even aware.
Try to remember when the policy was hoisted on you once you confirm that you have one. Your bank may have kept some facts from you regarding the fact that this insurance plan does not benefit unemployed students and self-employed individuals. This gives you the right to be reimbursed.
You are entitled for compensation for a policy that is six years old or younger even if it has expired. Take note that a running PPI plan is not immune to such action. If a policy was sold to you more than six years ago try to find all the paperwork involved in the transaction because companies generally don’t keep records that old.
A PPI only benefits those who are currently employed except those who are self-employed. You need to be given a refund when the PPI was sold to you before you held a steady job or after you retired. It will streamline the process when legal experts are involved.
They can help you understand the fine print in your financial contracts and recommend the next steps to take. There are a number of professional solicitors who can get the job done and for a reasonable fee. They could save you time and effort.
Direct your grievances to the bank and credit company after understanding the terms of your policy and knowing how to claim PPI. Going to the insurance company involved will not make a difference. It is time to involve government agencies when the bank ignores your pleas.
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