There is a good chance that you will have heard of the phrase PPI and know that it is something that many people are making a claim for, but what is meant by PPI? And more importantly, how do you check for ppi?
To help you to understand more about PPI and how you use the expertise of PPI Claim companies can help you to get the money that you deserve, we have put together our guide to everything you need to know about PPI claims.
What is PPI?
Also known as Payment Protection Insurance, this particular type of insurance policy was added to loan, credit card, mortgage and other financial agreements sold by banks and lenders.
The insurance was designed to cover the required payments in the case that you were unable to pay them. This includes unemployment, accidents that result in aninjury meaning you couldn’t work and sickness too.
Was it a bad thing?
Whilst it seems to have received a relatively bad reputation amongst the media, the truth of PPI is that it isn’t a particularly bad product. It is just the way that it was sold, or mis-sold, that caused a problem.
Many people were misguided towards purchasing PPI for their financial agreement and some were not even aware that they had it applied in the first place.
Staff sales were driven towards ensuring that PPI was sold with their products, however, for many people the policy would not have paid out should anything have happened to them, making it worthless and rather expensive too!
Making a check for ppi sounds like hard work, how much can I expect to get back?
It is true that making a PPI check and subsequent claim can involve some effort on your part, however the pay out is definitely worthwhile. If you do feel that you need some additional support to make your PPI claim, or simply explore your options then you may want to get in touch with a PPI claims company who can help you through the process.
So, back to the money. It is thought that the majority of claims are paid back at 15% of the balance of the loan. However, there are some that pay out as much as 30%. A rather great amount, simply by making a claim.
If you are not sure about how much money you may be entitled to then it is best to call your lender and check.
What if I am happy with my PPI policy?
Whilst some people feel that they were mis-sold their PPI policy, there are others that may be more than happy to keep these premiums. However, for these people there is a good chance that you will be paying much more than you need to and you could save yourself money.
If you do begin the process of making a PPI claim then you are effectively telling the lender that the insurance is not fit for your needs, this means that your policy will be cancelled.
So, the choice you have is to make a PPI claim or carry on with your policy.
Recently, it has been confirmed that there will be a deadline applied to claims for PPI. This is likely to be set at the end of June 2019. This means that there really has never been a better time to make your PPI claim in Scotland, England or Wales.
Make a check for PPI, make sure that your claim is processed by one of the best PPI companies out there and you will soon see your money making its way back to you.