What Is PPI?

Payment Protection Insurance is what PPI is short for. This type of insurance is meant to cover repayments made on loans and credit cards for up to a year due to incidents involving becoming unemployed, accidents and/or sicknesses. Basically people get Payment Protection Insurance for peace of mind in the event that something happens to them and they cannot make their credit card or loan payments for up to a year.

 

Payment Protection Insurance - PPI

However, if PPI has been mis-sold and now many people may be entitled to money back. People who were mis-sold this product can try to reclaiming it themselves. This has been occurring for quite sometime now and since it has been happening for awhile it is hard to say when the mis-selling first started to happen.

Using A PPI Claims Company

Many people are not aware that they can use a company to do their claim for them. However before a person goes rushing out to use to a company, there are a few things they should know.

First of all companies that handle claims can usually be found right online. This means that a person does not have to go to an office and meet with people face-to-face as a company can typically do everything via online and/or by phone. People on a tight schedule will find that using a company that handles claims is very convenient because if a person does not use a company, they will be stuck going through the entire reclaiming process on their own. This can be very stressful and tiresome.

Whether a person has one claim to make or many claims to make, a company that handles PPI Claims will be able to take care of multiple claims. They will also deal with the insurance companies and take care of all the follow-ups, if required. Sometimes a person may have a hard time doing the math to figure out how much money they should get back and this is another reason why it is beneficial to use a company that handles claims. A company will be able to make sure that a person will get exactly what they are entitled to.

Signs That A Person May Have been Mis-Sold PPI

  • A person may have been led down the garden path if the company did not bother to tell them that it was optional. A salesperson who has implied or told a person that they would spend a lot of money if they did not buy it, may have been mis-sold.

  • If a person felt pressured to purchase the product, then this could be a sign that the person may have been mis sold.

How To Reclaim

A person can try to reclaim by sending a letter to their lender. They want to request a review. The lender may reject the request and if the lender does reject the request, there are still some options available. A person will be able to appeal the decision and go straight to the Financial Ombudsman Service but a person will need an overview of their account and this is why a person should request their account information from their lender.

The reclaiming process can be a bit confusing. A person should use a PPI Claims Company. A company can do this on a person's behalf. There are some things a person should know about these types of companies though. Continue to read on to find out information.

Other Information

Another thing a person should know about such companies is that they will charge a fee, usually 25%. Some companies will charge a flat fee while other companies may charge a person a percentage of how much money they are going to get back from their claim.

A person should compare a few companies before they decide to hire a company to handle their claim. Finding a company is very easy to do and anybody who needs to make a claim should hire a company to handle their claim.