PPI or the payment protection insurance was sold as an additional product to anyone who took out credit in the past years. Because it was secondary insurance added on top of the main one, people are tempted to believe its value was negligible. The truth can be very different. Here’s why you should start your PPI recovery immediately if you haven’t done it by now.
PPI Was Most Likely Mis-Sold to You
There is a high chance you were mis-sold PPI if you took out a loan unless you were told about it and you were fully aware of its inclusion. Most likely, you weren’t informed accordingly, or at all. PPI was sold abusively to a large number of individuals, even to retired or unemployed ones.
Because It’s Easy
The process of claiming PPI is really simple. You start by contacting the bank you suspect that has loaded your initial loan with an extra charge. Depending on how the discussion goes, you will either solve the issue or will have to take your case further to be solved by the Ombudsman. You may also hire a claim company if you feel you can’t succeed by yourself. This is a very convenient option, the only downside is that you will have to pay them a certain percentage of your earnings. However, it is the preferred option for many and such companies exist in large numbers these days, therefore you have plenty of choices.
You Can Get Up to Tens of Thousands
So far, the largest PPI claim had a value of £50,000. You can use an online calculator to see how much you could claim. You can expect a refund that counts up to several thousand. It is possible to calculate this for free.
You Have the Support of the Ombudsman
The Financial Ombudsman Service has handled a million complaints by November 2013. This was because banks were not exactly willing to do their part. However, banks were recently forced to have a different attitude. Nevertheless, in case your first attempt fails, you may still benefit from the support of this capable institution. This organization’s purpose is to settle disputes between financial businesses and their clients.
Extra help in this matter may come from sites like howtoclaimppi.org.uk. Experts, as well as satisfied claimants all over the nation, say that it is definitely worth going all the way to claim back the money.
Thomas Anderson is a financial column writer and a keen observer of UK financial institutions. He makes sure that the average consumer understands their activity.