Can I Claim Back Payment Protection Insurance
If you had payment protection insurance (PPI) in the last 10 years there is very good chance you could be entitled to a PPI refund. PPI normally is sold in conjunction with credit cards, loans, store cards, or mortgages. Payment insurance, payment protection, loan insurance, loan protection are all terms that are synonymous with payment protection insurance. This type of insurance was supposed to provide coverage for monthly installments for borrowers in case they were to lose their source of income and left unable to pay the monthly repayments. The FSA (Financial Services Authority) has been fining banks and loan offices for selling payment protection insurance to people who would not be able to take advantage of the coverage PPI provides. It is estimated that only about 15% of policyholders will be able to use their policies. This extremely lopsided figure explains why PPI refunds have been on the rise.
The Cost of PPI
Research conducted by the Citizens Advice Bureau concludes that payment protection insurance to increase repayments by up to 56%. Considering that the majority of payment protection policies have extensive requirements for eligibility and a long list of exclusions, it is a very significant amount of financial strain to be placed on top of monthly bills and prompting many policyholders to wonder can i claim back payment protection. In addition to the aforementioned amount of money to be spent with any related to payment protection credit card companies earn money when they charge policy holders for payments that are late. Many credit card holders who have attached payment protection insurance to them now want to know can i claim back payment protection insurance fees and fees charged by other companies in relation to PPI.
The Real Cost of PPI
The above-mentioned price related instances referred to money that is to be paid out by the borrower for a policy or policies related to payment protection insurance. The real question people want to ask when asking can i claim back payment protection insurance is whether or not they will recoup enough money to not have to forfeit that item in which they borrow the money for in the first place. When the policyholders signed up for those policies they did so with the intention of protecting a purchase throughout the purchasing process. When the PPI policies started becoming mis-sold for one reason or another, this left countless thousands of United Kingdom citizens in a financial crisis.
How to Get Your Money's Worth
When a borrower is trying to find out can i claim back payment protection insurance and dealing with lenders who do not want to facilitate the refund process can become overwhelming. Fortunately, for borrowers PPI claims companies have been starting up around the country with the sole purpose of helping borrowers get their fair share of financial compensation. The average amount of compensation awarded to PPI policyholders is around £2500 which is helpful when trying to determine can i claim back payment protection and would it be worth it. â‚¬2500 of your own money given back to you is well worth it to most.
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