How To Reclaim Your Mis-Sold PPI Part One: An Introduction

What if I told you that you could be owed money? And not just a small amount either…?

This, sadly, is the case for an increasing number of people who have been scandalously mis-sold PPI and could therefore benefit from the help of an instant PPI Claims company.

instant PPI Claims

Photo Credits: http://www.flickr.com/photos/warrenski/6159162416/

PPI stands for Payment Protection Insurance, and these policies are often mis-sold as an example of gross professional misconduct.  Designed to be sold alongside cars, mortgages, credit cards and loans, PPI has been included by banks, lenders and brokers for the last 20 years, to cover your repayments in the event of illness or unemployment. It notoriously serves as a huge source of profit for lenders.

In these tough financial times, it seems outrageous that such a grievous scandal has been able to continue for so long, and yet the statistics don’t lie. With hidden PPI frequently costing people (who simply didn’t ask for or want the policy) it’s always advisable to check your loan paperwork and cost breakdown if you suspect you may be one of the victims. Almost all of the major banks have had to give PPI refunds, and so PPI claims are becoming a more and more common occurrence.

There are various different ways that PPI can be mis-sold to those taking out loans etc. And so it’s important to be wary when taking out any type of policy. Some of the reasons PPI may be mis-sold are as follows:

·         The cover wasn’t explained properly to the client

·         The client was already covered and so didn’t actually need another policy

·         The policy was hidden in the loan, and the client was unaware of it

·         PPI was compulsory in order to obtain a loan/mortgage

·         The policy was over priced

If you suspect you have been mis-sold PPI you have two options. You can choose to fight alone, making a claim using letter templates and putting in all of the work yourself, or you can use a PPI claims specialist- such as Instant PPI Claims. These specialists will deal with your lender, make information requests and generally carry the claims process through to the end.

Ultimately, PPI can often be a useful and invaluable addition to a loan or mortgage agreement. But sadly, all too frequently we are seeing banks and lenders mis-using their powers in order to extort and trick people out of their money. If you think you have the grounds to make a claim, don’t hesitate to get in contact with a PPI claims specialist. See part two in this series for more information on how to claim.

Tessa Pillar is a professional blogger who shares her knowledge on a variety of topics including finance and real estate.

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