Payment protection insurance (PPI) is a type of insurance that provides compensation in the form of loan payments to its policyholders in the event that they may become unemployed due to injury,
redundancy or illness. If a person was incorrectly sold a policy they may be
entitled to claim back PPI. In order for a person to claim back PPI and start claiming back bank charges and all other charges associated with payment protection insurance they must be able to prove that they were mis-sold payment protection insurance.
Payment Protection Mis-Sold
A borrower can prove that they were mis-sold PPI in a numerous amount of ways. One of the ways in which a borrower can prove they were mis-sold payment insurance would be if they're not advised of the cost of payment protection insurance. Another way in which payment protection is mis-sold will be if a borrower was offered a policy that was unable to work at the time of the policy being started. Other ways in which PPI with mis-sold on large scale were when lenders did not inform borrowers that payment protection was optional and other times simply ignored to tell them about payment protection at all forcing the coverage on its applicants. A good amount of payment protection policies were attached to banks by way of credit cards, bank loans, and mortgages. If a policyholder was mis-sold payment protection insurance and have proof of bank charges relating to payment protection insurance they can very well possibly receive a bank claim.
A bank claim is a form of a PPI claims that refers to claiming back bank charges
that were applied to the bank on behalf of a PPI company. These charges
sometimes add additional fees such as overdraft fee and late fee, forcing the
borrower to either make a decision as to what this can be pay in which one
cannot placing unnecessary stress on the borrower.
If you feel as though you need a bank claim you should probably get in contact with a PPI claims company. Be advised though, to make sure whichever PPI claims company you intend to use is the ministry of justice certified. The ministry of justice is charged with the job of maintaining strict guidelines in which PPI claims companies are to adhere to. Considering that it is estimated that the average bank claim is around
£2000 you should want a company that is certified by the ministry of justice so as to receive your fair amount compensation. Also if you are in need of a bank claim, you probably don't want to spend any unnecessary money. Fortunately, there are payment protection claims companies that work on a no win no fee basis.
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