What You Need To Know About PPI

PPI has been mentioned a lot in recent years. With millions of people being mis-sold PPI as part of their loan or credit card agreement, there are millions of pounds worth of refunds being given by banks, lenders and other financial institutions. However, it can be difficult to know how to make a claim and that is where PPI Claim Companies come in. Here we are going to look at everything you need to know about PPI.

What Is PPI?

PPI, otherwise known as ’payment protection insurance’ is an insurance that is sold alongside a loan to ensure that the repayments are paid should the borrower not be able to pay back the loan as a result of an accident, sickness or unemployment. However, in recent years, this has been sold to millions of people when they have taken out loans, often without their knowledge or with limited information, which has led to a large number of repayments that have needed to be made.

How Do I Make A Claim?

If you believe that you have been mis-sold PPI, then you may be able to make a claim and gain some form of compensation. There are multiple ways that you can make a claim whether online or on the phone and PPI claim companies who can make the claim on your behalf. Making a claim through one of these services is simple, and they will handle the rest to ensure that you have the best chance possible of having a successful claim.

What Happens When You Claim

Once you have made your claim, you then begin playing the waiting game. Due to the vast number of people who are also making claims and sometimes even multiple claims at once, it could take a while for your claim to be processed – particularly with the August 2019 deadline on the horizon. Although this can be frustrating, it is crucial that you remain patient as becoming stressed will not help the process in any way. Once the bank has processed your application you will then receive a letter claiming that you have either been successful or that they have processed your claim but unfortunately have not found any PPI attached to your loans or insurances. This could take a number of months to receive however by using a designated company you can be sure that your claim is in good hands throughout the entire process.

Benefits

Although you may not receive exactly all the money that you believe you are owed if your claim was successful, you will receive a lump sum depending on how much the bank deems to owe you. Additionally the process to claim could not be any easier and with a large sum of money still left over in order to repay you, you would be missing a trick if you did not check any loans or credit cards that you have had over the years as you too could be owed money in PPI that is currently left unclaimed. It is predicted that there are still millions of pounds left to pay in PPI compensation.  

With all this in mind, PPI is something that everyone could be entitled to gain back and is well worth checking. It is as simple as contacting a PPI claims company and getting started. Why not try it for yourself today?

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