Thousands of people all over the UK have already made a start to reclaim PPI and many already have received thousands of pounds back from PPI. But what is it and how can you to reclaim your PPI?
PPI is also known as payment protection insurance. You may have heard about this kind of protection whilst taking out a loan, starting a mortgage or applying for a credit or store card. At the time, taking on payment protection does sound the most secure thing to do especially if you are requesting credit for the first time as it is there to protect your repayments in the difficulty you can’t pay them back. But now you can reclaim your PPI because banks and lenders have lost a huge court case after selling this payment protection to their customers and not advising them of the consequences or procedures needed when having to make a claim on the PPI. Along with this they have also been accused of pressurising their customers, not giving them a choice regarding payment protection making out it was a compulsory thing to have and in some cases, banks and lenders have not even told their customers about PPI but have automatically added it to their credit policy. With this they now have to pay back every customer who has the insurance and in some cases with interest too so if you have a credit card, mortgage or loan, you too can make a start to reclaim your PPI today.
But how do you know or how can you find out whether you have payment protection or not? The first thing you can do is look at a statement whether it be a current statement which you are still making repayments to or an older statement that you may have paid off in full over the last ten years. It should clearly state protection insurance or payment protection, something along these lines anyway. If your still unsure you can always contact your specific lender or bank who should inform you whether it was added to your credit policy or not. These are the first initial steps to take when wanting to reclaim your PPI. The next is rather straightforward with little input from yourself needed. If you can remember how the insurance was mis sold also, this could be an added bonus but not necessarily important. So what are you waiting for? Make a start to reclaim your PPI today!