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Making a Payment Protection Insurance Claim

 
02-Nov-2012

It’s never nice to realise that you were taken advantage of by someone you trust. You feel foolish for having trusted them, you think perhaps you ought to have been a little more careful, but eventually you need to face facts and take measures to rectify the situation. Fortunately, when it comes to making Payment Protection Insurance claims there are many who have gone through the same process and are willing to help you get your money back.

What Are Payment Protection Insurance claims?

Payment Protection Insurance, or PPI, was something the banks knowingly mis-sold to customers as a way of making more money from them. It was positioned as a helpful financial product, to assist people with covering financial obligations should their income ever cease due to illness, injury or job loss. It became a highly profitable sales gimmick in which banker’s pressured people to buy it, told them it was compulsory or sold it to them without their knowledge.

New regulations were introduced governing how PPIs should be sold, and early in 2011, the British Bankers Association lost an appeal in the High Court which claimed the new rules were unfair because they were retrospective. In anticipation of all the claims that will be made, the banks have now set aside billions of dollars to reimburse customers who were mis sold Payment Protection Insurance.

How Do I Know if I Have Payment Protection Insurance?

If you live within the UK and have taken out any form of a loan from a bank including mortgages, car loans and credit cards, you may have been sold PPI as part of that loan. You should check your paperwork to determine if PPI was part of the terms and conditions of your agreement.

What Should I Do if I Have Been Mis-Sold PPI?

It’s important to note that whilst many people were duped into taking an expensive product that they would never use, not all PPI policies were mis-sold. Key ways that the policies were mis-sold include the bank not disclosing what the product was and selling PPI to people who were already excluded from claiming against the policy (for example someone who is retired, self-employed or unemployed, someone who has a medical condition).

The first step to take is to determine if you were sold PPI and if it was a product that you knew about and understood. Did it work for you at the time you were sold the policy? Were you told that you had to buy it to get the loan?

If you believe you have a case for claiming compensation, you can write to the company who cold you the policy and handle the claim yourself, or engage a claims expert who will guide you through the process.

About Author:

Aston has vast experience in writing articles on Payment Protection Insurance claim.For more information on PPI Claim, visit this site http://chargebackclaims.com/

 
Category : Insurance
 
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