Chances are you already know a little bit about Payment Protection Insurance (PPI) however, but if you are considering purchasing PPI or making a PPI reclaim, it is always a good idea to get clued up on this type of insurance. To help you make an informed decision, we’ve put together some essentials to consider before you make any commitment to a policy or claim.
The first thing that you should pay close attention to is the fact that you may have been mis sold PPI in the past on another borrowing. There are over 20 million PPI policies held in the UK and many of those were sold along loans, credit cards, or mortgages. The consumer support group Which? believe that around two million of these policies have actually been mis-sold since 2003 and you could very well be owner of one of them. To see if you have a claim and begin the process of reclaiming your money or to find out more about mis-sold PPI, simply call us on FreePhone 0800 840 7292.
When you take a new line of credit, a loan, a credit card, car finance or a store card you are often or usually offered PPI as well to cover the repayments should you be unable to do so. However, many policy holders have found that they have been unable to claim on the policy because the sales person didn’t point out that there are exclusions which could stop you from making receiving the cover. Many lenders or credit companies neglected to point out these exclusions resulting in potentially millions of worthless and expensive mis sold PPI agreements.
In some cases policies were included with loans without the permission or knowledge of the consumer and in other instances, lenders told borrowers that they would get the loan only if they took the PPI. If you were unaware of the exclusions at the time of purchase, you may be paying or have paid for a policy that you cannot benefit from and can make PPI claims to get your money back. Two of the classic exclusions that were not highlighted by the sales person are: PPI only covers full time employees and does not cover a person once they reach the age of retirement.
Through the countless PPI claims that have been made to date it has become painfully clear that lenders, banks and insurers have taken thousands of customers for a ride, flogging them worthless PPI cover at a high price. Now, it’s time for justice to prevail and for PPI claims to help the victims get their hard earned cash back where it belongs. If you want to start a claim or would like to find out if you have a mis-sold PPI policy, then give one of our friendly experts a call now on 0800 840 7292.