You may have heard about PPI recently over the radio or news and how you could reclaim yours, if you have ever had any. But what is it and how can you reclaim PPI.
PPI is an abbreviation of payment protection insurance. This kind of insurance is taken out on top of a credit agreement such as a loan, mortgage or credit card as such to protect your repayments should making these payments become difficult for you when either becoming unemployed or having an accident causing you unable to work. But all the payment protection you may have been paying or have had paid you can now reclaim back. You can do this due to the banks and lenders losing a case against mis selling PPI in the first place through various forms of finance mis selling.
Many people who have already reclaimed PPI have made a case against the banks due to not even knowing about payment protection and have found that it has been automatically been added to the credit policy. Others have felt that they weren’t given a choice or felt pressurized in taking out insurance. You have a strong case to reclaim PPI if you have felt that the protection insurance wasn’t explained properly in the first place. There are many examples of mis sold PPI so if you think you may have been mis sold insurance, now is the time to reclaim PPI.
But how do you know if you have payment protection or been a victim of mis selling? The easiest thing you can do is to check if you have payment protection or protection insurance stated on a statement you may have. This may be a current statement you are still making repayments towards or a previous statement that the credit policy has been paid in full over the last ten years. If you are still unsure whether you have payment insurance or not then you can contact your specific lenders who should inform you. Once done this, you can start to reclaim PPI. Many people have already had thousands returned by making a PPI reclaim and you could be the next. You could have been paying up to 30% of your loan amount just in payment protection meaning you have wasted a load of money on something you have never needed to use so don’t be a victim any longer, reclaim PPI.