Claim Back PPI
A lot of people may not know what PPI is and its importance to those who are applying for loans and even creditors as well. Payment Protection Insurance is basically the type of insurance that is sold alongside loans, credit cards, debt products, and store cards to name a few. The primary purpose of this insurance is to cover for the repayments that cannot be made by the borrower. However, there are certain conditions that are considered for the coverage of Payment Protection Insurance.
First and foremost, PPI is not formulated to cover for payments that are intentionally not made. Second, PPI is supposed to step in and cover the payments for some period only. Lastly, Payment Protection Insurance will only take effect if payments can't be made because of an incident or illness that disables the borrower to work.
Sadly, this insurance has been mis-sold on a wide scale. Many people have been victims of this scam and have not gotten their money back. In fact, banks have recently told some claiming refunds that they need to wait for the outcome of a legal case before their cases can actually be decided. Now this is very unfortunate since the process can be time consuming. The review of mis-sold PPI sales need to be reviewed by banks thoroughly and this will take a lot of time. As such, before anyone can claim back PPI, the result of a legal challenge should have been provided already.
To make things worse, not all banks listen to PPI claims. In the United Kingdom for example, a lot of the major High Street banks have announced that they do not support the British Banker's Association's challenge. You should not lose hope though; you can still lodge your complaints and claim back your PPI regardless of delays by the banks.
To ensure that you would be able to claim back your Payment Protection Insurance, it is advisable to use the guide and template letter that is provided online. Although not everyone will take the trouble to do this, everyone is encouraged to do so in order to get back what they are owed in full. The guides on claiming PPI that can be found online are actually just for free, so anyone can use them anytime. There are also some firms that offer their services for claiming PPI for a fee. While many are willing to pay any cost just to claim back their PPI, it is worth knowing that there is a number of free information that will guide you in claiming back your insurance.
Fortunately, many banks are now facing a massive number of complaints for selling PPI to their customers when they shouldn't really have. Thus, you can now actually claim back your Payment Protection Insurance. With the proper procedure, the appropriate advice, and a little patience, it will be no time before you get back what you paid in full.
How to claim ppi