With increased awareness about the PPI scandal, most people who have purchased financial credit are compelled to reclaim their mis-sold payment protection insurance (PPI). There are those that decide to submit claims by themselves, whereas others opt to use a PPI claims company. As much as you might have to part with some commission while making your claim, it is certainly worth it. The PPI claims company takes care of everything about the documentation and making follow-ups.
A Background To PPI
The payment protection insurance was created to take care of credit repayment issues. These are mainly problems or incidences that might affect your ability to pay back your loan. Depending on the product, different aspects might be covered by this policy; but a combination of accidents, sickness or unemployment are the ones that are mainly featured.
It is also worth noting that payment protection plan was not widely referred to as PPI. As such, financial institutions branded it differently to make sure it was not clear to the customers. As such, most customers fell into the trap of paying for something they knew little or nothing about. Things have since changed are consumers have become savvy in recent years, with some of them reclaiming PPIs that had been mis-sold to them.
To make a claim, you have to have enough proof that PPI was mis-sold to you. This might have been caused by lack of knowledge from the staff who was selling or a deliberate move to sell it to you without your knowledge. That said, you also need to determine how far back can you claim ppi and the best way to go about this process
Many different circumstances might justify the need to make your claims. First, in case the PPI policy was sold to you when you were not employed, which technically ruled you out of this benefit. Secondly, if you have evidence that the lender pushed for a single product or did not reveal the full details to you, you have a case. Finally, you can also make if the retailer or lender who sold them to you has already been caught.
If you have a claim to make, you can either go solo or have a PPI claims company. Working with a company improves your chances of being compensated. It also takes the burden of preparing documents and making follow-ups off your shoulders. However, most companies charge a commission for these services. Make sure you are comfortable with what they charge before hiring them.