Have you ever paid off any major loan amount in the past that also included Payment Protection Insurance? If so, did you realize whether you had actually asked for PPI or not? Have you been paying on credits cards or stress, or a mortgage with attached payment protection insurance?
If your answer to any of these questions is “yes”, you can simply go and file the PPI reclaim with your court and get the claim amount back. There have been several scandals about payment protection insurance claims involving certain bans as well as financial lending institutions affecting more than thousands of borrowers who had either taken some major loans, mortgages or signed up and used credit cards or store credit. In such cases, it was found that those people were actually misinformed and the insurance was sold without their knowledge, or they were literally overcharged on the monthly premiums. This has become a common problem in most cases. As a result, more and more organizations like alliance and leicester ppi claimsare trying to come up with better ideas to help people with their claims.
The Thought behind PPI
When Payment Protection Insurance was launched for the first time, the concept was to protect all borrowers in case if they fall behind on repaying their monthly installment due to any cause of unemployment. However, there are certain lending institutions and banks that have literally made millions off unsuspecting and unknowledgeable borrowers by misrepresenting the use of PPI on the loans, credit cards and stores. In most of the cases, they have also informed borrowers that this insurance was mandatory when actually it wasn’t. They also overcharged the usual rates for the insurance sometimes, which exceeded 4 or more times, missold the insurance by misinforming borrowers on where and how they would be able to get PPI or related valuable information. In certain cases it was found that Payment Protection Insurance was actually tacked on to a loan amount without informing the borrower.
When to take an action?
Whether you are suspecting of a missold PPI or not, in case if you already paid on mortgage, major loan, credit cards or store in the past that also included the payment protection insurance, you should reexamine your loan to understand if you have indeed been missold PPI. As a first step, you should obtain a copy of the loan application and the latest monthly statement for certification of the insurance amount that was included. As the next step, you must use the information for filling out your application form so that you can propose the information to professionals with your knowledge and expertise in discovering if you were actually missold payment protection insurance.
There is no charge for having professionals take account of your information. There are companies like alliance and leicester ppi claims that takes charge of these activities and helps in discovering that the PPI was sold to your legitimately. In case if some legality was involved, such as court claims or grants, you will have to take the necessary measures. In case if the court does not award the reclaim request you need not pay money.