|
According to a recent study, almost 80% of all PPI’s sold were sold without the knowledge of the customer to whom they were being sold. If you have been cribbing about the unwanted PPI policy that was mis-sold to you, you will be happy to know that now you can claim back not only your PPI but the interest accumulated there on too. If you are still unaware of what this PPI scam is all about and how to claim back ppi, keep on reading the following article: What is PPI? PPI or payment protection insurance is insurance taken by banks against its borrowers. The idea is that even if the borrower fails to make the payment, the loan is still repaid. This is a credit arrangement and you are made to pay a part of the premium for this insurance policy. Since the only benefit of this insurance is the protection of bank’s investment, the borrower just shares the burden without any benefit to him. In this particular scam, people were never explained that they are being sold such a policy and were charged premiums over a long period of time. If you have been a party to a loan from a UK bank in the last 10 years, there are high chances that it has happened to you also. It is best to get your papers checked by a financial or legal expert to claim back ppi. Even though it is not wrong morally, but the fact that the policy was sold to you without your information and makes you liable to make payments are an additional burden and is thus unethical. The banks used several unethical tactics to sell these policies to the customers and even misrepresented themselves. It is now the customer’s turn to intimidate the banks and claim back ppi. How to claim back ppi payments The first step you should take to claim back ppiis to find a credible claim settlement company. This is more important if you are unable to know the extent of the PPI payments made by you and how much PPI refund you are entitled to. After a thorough review of your loan documents, the claim handler will send your complaint letter to the lender bank. The bank has a time period of 12 weeks to draft a reply. Most claim settlement firms don’t charge you anything unless you win your claim back ppi. Make sure that there are no hidden costs involved in the services of the company. How will you continue with your current loan in case you win claim back ppi? You can continue you loan payments except for the part that has been decided as the payment for PPI. Thus you are saved a lot of unnecessary monetary burden. There are millions of pounds that have been refunded by banks. All you need to do is to be aware that you are entitled to claim back ppi.
Related Articles -
claim back ppi, ppi claim back,
| 
