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What is PPI and how can you reclaim it?!

Posted on June 1st 2012 by Canary Claims

PPI is otherwise known as an insurance in which you take out along side a loan agreement such as a mortgage, credit card, loans or store cards. This insurance supposedly protects your repayments should you ever become poorly, have an accident or any other misfortune causing you difficulty in carrying on with repayments. This however is extremely unlikely and what the lenders do not inform you is that it is actually very hard to claim against PPI in the event that something does happen. Many people have been mis sold PPI for this amongst other instances and for this you can now make a start to make a Reclaim of any PPI you may have had or may have.

 

How do you know if you have payment protection or even been mis sold it? Easy, first of all look at any statements you may have. It should state somewhere payment protection insurance, loan insurance or credit insurance. If you can see this, you are or have been paying into a PPI, which isn’t cheap. Most people are paying up to 30% plus interest of their original loan or credit agreement just into a payment protection plan which they will more than likely never need! You can definitely start to reclaim PPI if you can see that you have insurance on your loan policy through your statements. If you can’t see it, don’t worry, give your lender a call and they should inform you whether you have payment protection insurance or not. Once you can see in black and white that you have taken out PPI on a loan agreement, you need to think back to when you originally took the policy out. Where you informed about PPI properly? That it wasn’t compulsory to take PPI out? Were you informed about the procedure you would have to take should you need to make a claim? Did you feel pressured that you had to take the payment protection insurance? If any of these sound familiar then you have a strong case to reclaim PPI!

 

To reclaim PPI is quite simple and you could be owed thousands of pounds through mis sold PPI. Don’t delay, start your case to reclaim PPI today..

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Author: Canary Claims
Posted in: PPI
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