There are several million people who are affected by PPI and it’s one of the biggest mis-sold scandals up to date. It is all over the news, social media and even TV advertisements.
Payment Protection Plan (PPI) is a worthwhile topic to talk about for two major reasons:
- Legitimately, it is a very handy product for people who have agreed on taking financial agreements to protect themselves;
- It was sold illegally to a lot of people in the UK and in some other parts as well.
First, what is PPI?
This was designed to give you peace of mind when you take out a loan or a credit card and when in the event that you are unable to pay it back for some reason like when you lose your job or fall ill, this insurance will ensure that the payments towards your loan or credit card will still go on even if you are unable to make payments yourself.
Sounds like it’s a good product that has a good purpose, right? It can keep you protected just in case something unexpected happens in the future however, there were instances wherein PPI was sold to people that didn’t want it or were unaware that they were sold this policy. This means that you’ve been mis-sold PPI. The policy was included during the time that you took out a mortgage, a loan, credit card or a car deal with the idea that PPI would cover the payments should you be unable to make payments for the valid reasons mentioned earlier. The loophole here is that policies were sold to people who were not eligible for cover or it could have been sold to you without realizing it – whether it was not explained to you properly when you bought it or you had to take out the PPI to get a better chance of getting approved for the loan.
What happens next?
When you have established that you were mis-sold PPI, the best thing you can do is to check if you can start your PPI claims. There is no deadline yet to make a claim so you should go ahead and see if you currently have a PPI or if you ever had one and you can do this several ways. You can look back through your paperwork of all your mortgages, loans, credit cards or cars you’ve purchased. If you don’t have the paperwork then you can check with your credit report – it lists all the credit arrangements you’ve made that has been active for the last six years.
Once you have all the details, you can go ahead and send a letter to the bank stating that you believe you have been mis-sold PPI and that you want your money back. You can do this by yourself or if you know that you have several mis-sold PPI and it seems like it’s too much work for you, you can go ahead and approach a reputable company that can assist you in making your claim.
You should go ahead and make that claim as you could be due several thousand pounds! Don’t delay and make that claim now – you are entitled to get your money back plus interest.
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