PPI or Payment protecting insurance has become a hot topic at present. Therefore when you have requested for a PPI, then it is important to know what are the cases or certification in order for you to determine if you’re entitled and eligible for a claim back PPI.
Payment Protection Insurance (PPI)
But before we continue, we will discuss what’s PPI about. PPI is an insurance policy that is a protection in the event you aren’t able to pay a mortgage or other loaning financial agreement just like that of a credit card. The thought here is, once you apply for PPI, the money that you are paying on a monthly basis would be the one to be employed to pay your financial loans or credit cards and protect you from lawsuit in several particular situations and reasons you’re in.
Though PPI has been offered for some years, this insurance has recently come into scrutiny for some incidence of misselling and misclaims. There are a lot of people who had signed PPI thinks that they may have granted and applied for PPI inappropriately and accidentally. And that’s why, most people are looking for reasons on and how to claim back PPI when it comes to missold policies.
Upon and in the entire process of studying these concern, it has been found out that there really are several people who have signed PPI and been rejected of claims since they are not eligible for it at the to begin with they have signed for it. Many people were surprised to find out that they are spending money on a policy that they won’t manage to use. Most of these individuals are retired people; they were paying for months and years the time when they are employed, only to realize that they will not gain from it.
Claim back PPI
Now, in case you have applied for PPI therefore better determine if you’re qualified for a claim. In this case, the first thing you need to do is do loads of checking. You need to examine and think about all credit documents that you have and had applied for in the previous years – your credit cards, mortgages and loans; all the stuff where you have lent money. If you have withdrawn a PPI for the situation that you will not be able to pay for this chances are you were not given the authority to examine the terms and the policy in where you can have a claim back PPI.
The process for claim back PPI can be complex so it’s important that you will get in touch with a attorney who concentrates on the laws that pertains to claim back PPI. You may inform yourself also by learning more about it via media, the net and others who had applied for PPI before.
At this point, in the procedure of claim back PPI, it is advisable to have a specialist work with the problem. If you’re not certain on how, why and what, then consult a specialist first to make claim back PPI smoothly and fast.
Quick guide and information on how far back you can claim PPI.
Personal Payment protection is often mis-sold on the end of financial products to unsuspecting consumers.
PPI is a form of payment protection so that should you lose your job, fall sick or be involved in an accident you have secured your future financially for a short period of time.
However, PPI is not beneficial for many and thousands of people across the country have been mis-sold PPI without even realising it.
For example if you were not employed at the time you took out the insurance, it would be impossible for you to make a valid insurance claim.
If you believe you were mis-sold PI you can make a claim to get your money back. If you have several lines of credit over the past years you could have been sold more than once payment protection policy.
If you have a loan or have had a loan in the last 6 years you could be entitled to reclaim. Single premium PPI normally only lasts for five years and Those who bought PPI after 14th January 2005 are eligible to claim.
If your loan was taken out before this and you still have the paperwork you could claim, however your chances of success are reduced. If you don’t have the paperwork and your loan is still active, reclaim and ask for the paperwork.
Even if you have paid the loan off you could still claim back money that is rightfully yours.
Many leading high street banks have been fined over the issue of mis-selling PPI including Lloyds TSB, HSBC and Alliance & Leicester refunding consumers thousands of pounds.
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