Payment Protection Insurance Fundamentals
Achieving a reimbursement on your payment protection insurance is a straightforward method
. If you engage the services of a specialist reclaimer they will manage the complaint on your behalf.Making a legal complaint can take just a couple of months. Upon successful resolution of the complaint you'll get a payout of the amount due to you. How do you know if the insurance product was wrongly sold to you??
The ways in which payment protection was missold vary. Of significant importance is the amount you pay for the policy. Single premium PPI is very, very costly. In certain cases the person who has taken out the plan ends up paying interest on top of the cost. Because of this your lender needed to display the additional expense of taking out such a plan. Should it be the case that the lender did not properly disclose the full cost then you should file a complaint.
It is conceivable that you are covered by a different policy in case you find yourself unemployed. If this applies to you then the lender should not discuss PPI with you since you already have it. The financial institution should ascertain if you are already covered before advising you about a new plan.
Payment protection is not always necessary if you don't have a job. If this applies to you then you could have a legitimate claim. Unemployment cover is one of the main reasons for taking out such a policy. Therefore if you don't have a job then you don't need the insurance.
The press has latched onto this particular scandal. There is now public awareness that this product was routinely missold. It is high time to do something about this. The majority of claims are fairly significant. So it's a good idea to see if you can make a valid claim. In addition to a refund of premiums you should also reclaim the interest paid.
Most people are eligible to make a claim. The majority of claims are successful, although some require appeal. A claims management organisation knows how to deal with any complications in the claims process. In addition they are able to audit any offers made. Such a service can pay off since appeals against offers can result in higher offers being made.
Financial institutions continue the scandalous affair of offering unsuitable products to consumers. They do not fully understand the contract they are agreeing to. Before signing the contract the main exclusion clauses should be demonstrated to you. If this is not the case then the lender hasn't performed their job properly and you could be entitled to claim.
A number of lenders have received fines due to the way in which they advised consumers to take out PPI. The reason for this is the systematic mis-selling of this type of product over a period of time. A complaint is possible even if the loan has been paid off. All your need is your policy documents or the account number. Anybody who feels that the have been wrongly advised about a financial product can instigate a claim. The loan provider should treat your complaint seriously and respond to you in writing with details of its findings. Should the claim be successful you will then receive compensation from the provider.
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