You may have heard about PPI if you have ever taken on a loan or credit policy such as a credit or store card, a mortgage or a loan. PPI stands for payment protection insurance and is there to cover your repayments should you ever struggle to do so. But what customers haven’t been informed by their specific banks and lenders of the credit agreements is actually how difficult it is to claim on PPI should you ever need to use it and with this along with other instances the banks and lenders have now lost a case against mis-selling payment protection and now must allow all their individual customers to reclaim PPI plus interest.
Are you owed a PPI Refund
So if you think you may have protection on a loan agreement whether you are still making repayments or have paid the sum off in full over the last ten years then it is worth checking out how to reclaim PPI. You can do this firstly by identifying if you definitely have protection insurance on a policy by looking at your statements. Somewhere on your statements, it should clearly state “payment protection” or “payment insurance”. If you still unsure, then it’s worth calling your original lender who will inform you whether you have insurance or not.
Once you have found that you definitely have payment protection, then it’s more than likely you have been a victim of mis-sold PPI so you need to think back to when you took on your credit agreement. Was payment protection discussed? In full, as in what were the circumstances when needing to make a claim on the insurance? Did you know that PPI was not compulsory? Or did you feel pressured to taking on the insurance not knowing that it was very unlikely you will ever need to use it meaning you have been paying a lot of money for something you won’t use. Or maybe you have never come across payment protection before, it’s never been explained to you and you have found that PPI has just been put on top of your loan or credit agreement. All these are huge factors of payment protection mis-selling and through these factors, thousands of people have already started to reclaim PPI receiving up to thousands of pounds back so if any of these examples sound familiar or you have protection and don’t need or want it then start to reclaim PPI today.