Conscientious approach for PPI claims

Value and know your hard earned money. Payment protection Insurance is a byproduct which insures a customer’s repayment of loans. While taking a home loan, car loan, credit or credit card, the service provider usually issues a PPI. This facilitates the consumers in repayment of the loans if the loan recipient falls ill, dies, loses a job or is unable to work due to victim of circumstances. This is also called credit insurance which can be bought or forced on all kinds of user loans like home loan, car loan and mortgages or financial loans. In most of the cases PPI is mis-sold to the consumers resulting in failure of ppi claims. Many people are unaware whether they possess a PPI or not.

Are you a victim of mis-sold PPI?

Billions of people are unaware of the fact that they possess a PPI or they have been a victim of mis traded PPI. If you possess a loan and do not know whether you have such policy, you can call the service provided and ask for your PPI number. Know your policy well and get benefits out of it rather getting duped. If you have a PPI and you have not been informed about it or not made aware of the issues then you are likely a victim of mis selling PPI. If you paid for PPI amount at one go, you should have been advised by the service provided that the cost would be added to the loan with interest. One should get a clear idea of the inclusions, exclusions and the duration of your policy.

Steps for PPI reclaim

Payment Protection Insurance turns to be a boon for many loan borrowers but billions of people have failed in claiming PPI because of mis sold PPI. It is not just claiming your money which you have paid during the loan but also claiming back with Interest, if the loan has been cleared you can claim the whole amount with legal interest. Some steps which helps in PPI Claims.

1. Know your PPI reference number- Check your loan papers as the cost of PPI is enclosed in the loan. If you do not find it, check for the Policy with hidden names or call your bank to know your PPI.

2. Check if you have been sold a genuine PPI

3. Claim it yourself: There are many claim handlers or claim management companies helping in claiming PPI by charging exorbitantly and if you pay them before your PPI Claim submission, you may lose all your money if you fail in ppi claim back. The process is simple and easily doable.

4. Complain your lender about the mis-sold PPI and if you do not get a satisfactory response, you can contact the Ombudsman and should be done within six month of the response received from banks.

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Payment Protection Insurance is for the benefit of the consumer as well as the lender. Claiming your PPI is your right and your own money so one should be cautious while taking any kind of loans and know your policy in detail for hassle free ppiclaim.