I Know Finance Well

If you have PPI and think you were mis sold payment protection, are you aware that you can make a claim for compensation?

Payment protection insurance is a plan designed to protect your loan repayments should you become unemployed. Payments are either made on a monthly basis or in other cases the insurance is a single premium. Adding the PPI to the cost of the loan is very expensive because it attracts interest.

Payment protection insurance should be considered when there is no job security. If you become unemployed you’ll need a strategy to repay any loans or credit cards. If you lack the funds and are not already covered by other plans it’s worth considering.

For some people though, PPI can be a waste of money. This is because they already have cover elsewhere. Or they have money put aside. Or they are self-employed in which case the policy may not cover them. In this instance, you must consider whether the policy really provides you with the relevant protection.

Should you decide to complain about the payment protection policy and the complaint is successful, you will get a refund of all the premiums paid. Not only this, but interest will be added to this amount. Therefore it makes sense to make a complaint for those who no longer want to have the policy.

It should be pointed out to you that you don’t have to take out PPI. If this was not made clear then you should be able to claim back your money. Obtaining a refund can be a bit of a battle since lenders don’t always cave in.

Some consumers do not fully understand their rights when they want to claim back ppi. For this reason many claims companies exist to assist the consumer with reclaiming PPI. Normally, payment is made only upon successful completion of the claim. If you think there may be a chance that any of this applies to you, seek out an expert for their opinion.

Many people are taking control of their finances and one of the ways to do this is to claim compensation for any products that were missold to them. In addition to PPI, you can also claim back credit card charges, mortgage exit fees and bank charges if you are financial hardship. Give it a try you may be surprised how much you can claim back.