Can I Reclaim PPI
Considering that it is estimated that nearly 85% of payment protection policyholders are not eligible for the coverage they pay for, it is quite understandable that the number of PPI claims in recent years has gone through the roof. Also, because lenders who sold payment protection insurance denied a majority of the claims presented by the policyholders, the Financial Ombudsman Service (FOS) has had their hands full with these PPI complaints. The Financial Ombudsman Service is the institution in which PPI policyholders can make appeals to if the lenders have denied their claims. It makes so much extra work involved with trying to find out â€œCan I reclaim PPI?â€ it is no wonder many consumers just find a PPI company.
Who can reclaim PPI
PPI claims are awarded based upon if the policyholder was mis-sold the insurance policy. A policy holder can be mis-sold numerous ways including a lender telling them that PPI is necessary in order to receive the financial service in which they desire. Other ways include lenders not advising buyers as to how much the policy could cost or the terms and conditions or.
PPI Claims Companies' Role
PPI claims companies have been the silver lining in the mis-sold PPI scandal. These companies have been created with sole purpose of helping the borrowers to receive monetary compensation in regards to payment protection. Most payment protection plan companies can get started on the claim in 24 hours. Also, there are payment protection companies who work on a no win no fee basis making this financially difficult time in the borrower's life much easier. These companies have experts trained in the field of payment protection insurance and are knowledgeable in regards to what it takes for a borrower to get the monetary compensation they deserve. These companies routinely give borrowers assistance on PPI matters with many questions such as:
- Can I reclaim PPI if my claim was denied by the lender who sold me PPI?
- Can I reclaim PPI if I was not eligible to receive coverage?
- Can I reclaim PPI if I did not know I had PPI before I saw it on a bill?
- Can I reclaim PPI associated charges to my bank account?
Wondering whether or not you can reclaim PPI is a common question if you are following the latest news regarding the PPI scandal that has infiltrated the UK. Even though we know that it is running rampant through the entire lending industry, we are still wondering what some of the conditions are surrounding the reclaiming of PPI.
The best companies in which to file a PPI claims with are payment protection claims companies that have been certified by the Ministry of Justice which is charged with the task of making sure that these claims companies adhere to the strictest code of ethics possible, making sure that policyholders everywhere are dealt with in an ethical and professional manner befitting a company handling financial affairs.
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