Payment protection plan (PPI) was meant to cover you in case you were unable to repay back your loan installments. This insurance cover could cover installments for more than one year. Unfortunately, fully aware that a huge number of borrowers were not aware of this fact, banks opted to sell them to other parties with an objective of making money. You might also have been forced to buy another PPI despite having an active one, which is illegal. That said, you could now claim the entire amount of PPI you spent on insurance premiums by making a claim.
Common concerns when making PPI claims
In case you are convinced that your PPI was sold without your consent, you might be planning to present your claim. Unfortunately, most people do not know that they can get back those claims. Here are some common concerns from individuals contemplating on whether or not to make these claims.
How do I if my PPI have been mis-sold?
Most people are not aware whether they have PPIs or whether they have multiple PPI policies. If you are among the many that have mis sold PPIs, visit a ppi claims company to know where you stand. A PPI claims company can help you get compensation for mis sold PPI or find PPI policies you did not know about. This implies that you will get a larger refund without even breaking a sweat.
How much compensation will I receive?
The amount of compensation given is not uniform. Depending on the amount and number of PPI policies, PPI can add between 13-56% to your loan repayments. Besides the money you have been paying, you are entitled to any additional interest. If you are still making payments, your loan amount will be reduced by the amount of the policy. If you have settled your loan, you will receive the full settlement in cash.
How long will it take?
There is not definite time on how long it takes to process your PPI claim. Some claims can be settled in a matter of weeks whereas other can take much longer. The good thing is that the wait time can be reduced by working with a PPI claims company.
Why should I use a PPI claims company?
The primary reason the services of a PPI claims company are needed is that most people know nothing or very little about these claims. Only a trained claims handler can find all your PPI policies to ensure you receive maximum payment. They also make the whole process easy and fast.