How to claim compensation for missold insurance
In the event that you took out loan insurance and think that you were mis sold PPI, are you aware that you can make a claim for compensation?
PPI is a policy which helps you should you become unable to work. You either pay a set monthly payment or sometimes the PPI is added to the overall cost of the loan. Adding the PPI to the cost of the loan is very expensive because it attracts interest.
PPI can be a good thing, especially in times of recession when job security is not guaranteed. If you lose your job you need to find some way to repay any outstanding debts you have. If you lack the funds and are not already covered by other plans it’s worth considering.
Payment protection plans are not suitable for everyone. This is because they already have cover elsewhere. Or they have savings in the bank. Or they are self-employed in which case the policy may not cover them. In this instance, you must consider whether the policy really provides you with the relevant protection.
If your claim for compensation succeeds, your provider will offer redress. Not only this, but interest will be added to this amount. In this way it could be a good move to make a claim if you don’t need the plan.
You should always be told that the policy is optional. If the lender didn’t point this out then they are in the wrong and you may be entitled to compensation. Obtaining a refund can be a bit of a battle since lenders don’t always cave in.
A certain percentage of people are unaware of what they are entitled to when claim back ppi. For this reason many claims companies exist to assist the consumer with reclaiming PPI. Normally, payment is made only upon successful completion of the claim. If you think you have a case, talk to a CMC who will advise you further.
Many people are taking control of their finances and one of the ways to do this is to claim compensation for any products that were missold to them. In addition to PPI, you can also claim back credit card charges, mortgage exit fees and bank charges if you are financial hardship. Give it a try you may be surprised how much you can claim back.
Tags: claim back ppi, mis sold payment protection, payment protection insurance, ppi
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