PPI, or payment protection insurance, is one of the most mis sold types of insurance on the market today. Over twenty million policies have currently been sold, and of them almost ninety percent are estimated to have been mis sold. Only two million or so people have filed a PPI claim and gotten back their money, leaving a large number of policy holders who may qualify for compensation. With the average settlement coming in at around 2,500 pounds (over 4,000 dollars U.S.), the truth is that investigating your PPI policy could pay out big for you, giving you back whatever you’ve paid in plus a percentage of interest.
The first thing you’ll need to do in order to file a PPI claim is to ensure that you actually qualify for one. The most common way that PPI policies are mis sold is when they are sold to people who have absolutely no chance of claiming them. For example, many policies don’t pay out for people older than sixty five, but are sold to them anyway. Likewise people with medical conditions that make them ineligible for coverage are still sold the policies and are paying on them every month. And of course, if you didn’t even know you had a PPI policy, you likely qualify for a claim.
There are two basic options for seeking compensation. The first is to simply handle it on your own. You’ll need to have your reasons for filing your claim laid out clearly, and include them in a letter sent to the company who is responsible for selling you your PPI policy. If they refuse – which is likely – then you’ll have to seek help from the Financial Ombudsman Service, who will help you seek restitution if they agree that you are owed it. The second option is to enlist the aid of a claims firm, who will help you file your PPI claim and do everything in their power to ensure you get what is owed to you.
Having professional help is a great way to save yourself the hassles and stresses of arguing over your PPI claim with the company that owes you the money. Needless to say, they aren’t going to want to hand over any money, so having someone skilled at dealing with them is a great idea. Whichever method you decide upon, you can expect to be compensated for whatever you paid to the company for your policy as well as a percentage of interest, usually around eight percent.
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