subject: Reclaiming Back Mis-sold Payment Protection Insurance [print this page] Have you been had a mis-sold loan over the last six years? If your answer is yes, then you can claim back PPI insurance. PPI/Payment Protection Insurance is used to squeeze customers cash off their wallets that they can barely even afford. However, if administered correctly, it can be of great benefit to the customer. They help a lot incase one fails to make the payments agreed upon by the creditors.
It is never the wish of the banks/creditors to over burden their customers with such services. However, at times, the banks may give insurance that has no basis. Mis-sold payment protection is enough to make the customer seek optional ways of claiming their PPI. This will be backed up if the insurance was sold to you in an incorrect manner. Things to be considered as to whether at that time you were employed or not and the benefits that you were getting at the time. Next on the check list is your medical situation. What is looked for is your wellbeing at that particular time and then its compared with what was covered in the policy. Finally are the terms of the PPI. If they were not compulsory, then you have the right to lay claim and get a refund.
In order to claim back PPI insurance and get compensation, there are certain grounds that you need to have met. The first being looked for is the age. At the time, you need to have either been under the age of 18 or over 65 years of age. Other factors that are looked for when making a claim are the number of works that you used to work and the terms of employment-temporary or permanent. To lay the claim under the argument of a mis-sold PPI, you have to provide evidence that you werent informed on the cost of the insurance, you werent informed of other alternatives of getting the insurance or you werent asked whether you have the same kind of insurance from another place. Getting a refund from a mis-sold payment protection may be a very hard thing to handle especially if left solely in the hands of the customer. This is the reason why there are companies representatives who help such individuals take care of al forms of claims. Being very highly skilled and experienced in this field, they can get you around 2,000 of refund as well as additional cash got from the incurred interest rates.
A lot of people fall victims of such kind of acts mainly because of lack of know how of their rights. If you had a PPI and didnt get to understand how the whole process was done, you can check with PPI claim companies and see if you qualify for a refund. You can locate the best of them from online databases, discussion groups or ask for referrals from close friends or relatives.
by: Franklin Bill
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