Thousands of people have already made or started to make their claim against PPI so its important that if you have ever taken out a loan or credit policy then check and start to reclaim your PPI as soon as possible.
So what is PPI and how can I reclaim it? PPI is an abbreviation for payment protection insurance and is sold to you when taking out a credit agreement such as a loan, credit card or mortgage for instance. It is sold to you for security of your repayments for example if you ever became poorly or was involved in an accident then the payment protection insurance would be there to help with the repayments whilst your out of work.
Yes it does sound the most secure thing to do at the time when signing up for a loan but in fact your probably never going to need this insurance so you actually end up paying a lot of money just in PPI plus interest ad with this the banks and lenders have been accused of mis selling the payment protection insurance and this is how you can reclaim your PPI.
The banks and lenders haven’t only been accused of mis selling because you may never have needed to use the insurance, there are other factors also such as customers have felt at the time of taking on the loan agreement they have felt pressurised into taking on the protection and they didn’t have the implementations explained properly should they ever of had to use the PPI.
Also many customers didn’t even know they had the payment protection on their policy and have found that it’s just been put on top of their agreement and some have taken on the insurance simply because they didn’t even know it wasn’t compulsory. All these things should be explained to a customer by the lenders and all these factors are examples of PPI mis selling so if any whether its one or more sound familiar then you must start your case to reclaim your PPI.
To reclaim your PPI is simple to do with little input from yourself at all. Firstly you will need to check you have the payment protection in the first place so you just need to simply check your statements where it will tell you or call up your original lenders. You can reclaim your PPI whether you are still making repayments or have paid the credit agreement off in full. Think back to when you took on the policy, do you think you have been a victim of payment protection mis selling? If so you can claim it all back just by making a start to reclaim your PPI.