At the moment in the payment protection insurance claims space the number of claims is set to increase, with a great number of claimants ‘waking up’ to the fact that if they don’t take steps to get their money back, they really are leaving cash on the table.
Why Should I Make A PPI Claim?
The answer to that is simple, if you have been found to have been miss sold this type of insurance product from the banks, this basically means that they have (metaphorically speaking) taken money from your bank account, on the basis of you being sold on a product that you don’t actually need.
You were likely misled in to thinking either A: The product was something you had to take out as part of the agreement.
Or B: The product was something that you really needed as a way to ensure financial safety for yourself in your current financial situation.
The truth is, payment protection insurance is actually a good product ‘in principal’ it is simply the way it has been incorrectly sold which is the issue at fault, because the banks & the other corporations have hounded and harassed British residents to take out these policies, and pay for them, when actually they didn’t really need them.
What should I do?
You should look at all available documentation, that includes loan agreements, mortgage agreements, credit card informational documents, anything you have for your store cards, etc etc, to find out if there is payment protection insurance attached to them, this is an essential pre-requisite for a successful ppi claim, due to the fact that, if you do not have this type of insurance attached to a policy you simply won’t be able to make a claim because there will be no ppi present.
Can I definitely get my cash back?
That is a question that does not have a quick answer, this is because the banks must accept that your claim is valid before agreeing to pay compensation over to you on the basis of miss sold ppi, so it first must be confirmed that the product has indeed been miss sold to you, this is really the key factor here because many banks and other corporations might actually reject your case, if they feel that no wrongdoing has been done on their part, they can also contest whether or not the product was miss sold, if in fact it is later found that you need the product, so do be careful with your expectations when attempting to claim compensation for payment protection insurance.