To reclaim PPI, it couldn’t be easier after our banks and lenders are taking full responsibility for mis selling us the PPI in the first instance after losing a court case against them. PPI is otherwise known as payment protection insurance and has been offered to people taking out either a loan, credit card or mortgage to protect payments should the policy holder ever become unemployed, poorly or be involved in an accident causing them difficulty in making repayments. This payment protection is only available to specific criteria and people who are a certain age, jobless or self employed although PPI has been mis sold to these people and some people who do fit under this criteria have been unable to reclaim PPI.
Can you Claim Back PPI?
This is not the only example of PPI mis selling though and if you have ever been for a loan or credit agreement, you need to check whether you have payment protection on your policy or not as many people don’t even know they have it meaning they have been paying out for something they neither want or need to use paying out money and interest. If this is the case, then you too can reclaim PPI. Many people have been aware that they have payment protection on top of a loan agreement but have felt at the time of taking this on that they were persuaded into it without knowing much information about how payment protection works. Also many have felt that PPI was a compulsory product to take.
To reclaim PPI has never been easier, the banks and lenders have put a suffice amount of money to ensure all customers are compensated for their mis sold payment protection insurance. Even after underestimating the amount required to do so, some banks have now had to put even more money aside and with more and more complaints to reclaim PPI it’s a good job, so all customers receive their specific amount owed.
Since the insurance complaints started in early 2011, two billion pounds has already been distributed between customers who have reclaimed PPI. If you think you have been a victim of payment protection insurance mis selling then you need to take action and reclaim PPI today.