PPI or payment protection insurance is one of the most popular forms of insurance in the UK and in many parts of the world. This is insurance taken against a loan. It protects you when you borrow, in case; you are not able to repay the loan. Some of the reasons why you may be unable to keep up with the loan repayments include being sick, getting redundant, or when you are declared bankrupt and unable to work. On these grounds, payment protection insurance is a godsend and can protect you from liabilities when things go opposite than expected.
Most banks often package payment protection insurance as a separate package from the loan and run it to the fullness of the loan. Thus, all you do is pay for it alongside the loan repayment. Many banks have, however sold people PPI without them knowing or to people who do not qualify for the insurance. This article gives you some of the reasons why you need to claim your owed PPI as soon as possible.
The money belongs to you
What most borrowers who get credit insurance or PPI buy this as a package of the main loan they borrow. No matter how your bank tries to package the PPI in their loan package, when it’s paid by you, then the money is yours after you have successfully repaid the loan amount. In most cases, banks will charge you the PPI as an extra cost on the loan and in the end; make you pay it as well as interest. As you can see, this money belongs to you and you need to reclaim it.
What next if you choose to claim?
When you choose to claim your PPI, you should follow two main routes. The first one is to get you immersed in the claims process yourself. This means contacting the bank yourself and filling in necessary paperwork. Most banks miss-sell their PPI to customers, charge an interest rate on it and then refuse to pay when claimed. This is fraud and in such a case, there are steps you can take like file a claims case with the government ombudsman office. Close to 70% of those cases rejected and passed to this office, win the cases paving way for the refund plus interest. This route is laborious, but effective.
However, considering that most of you are busy professionals with day jobs and children to take care of, why not start working on the PPI claims through a certified PPI company. These experts know and can determine whether you deserve to be paid these extra costs incurred by you, or not. www.consumerfinanceclaims.org.uk is a great resource where you can start on this quest to ensue that money owed to you is paid to you.
In general, PPI is your money, depending on the borrowing contract you signed with your lender. You simply need to study your eligibility, chase the claims yourself, or get help from the experts.