AppId is over the quota
Many people take out mortgages and loans without knowing they overpay because of payment protection insurance or PPI. Reclaim your money by knowing the regulations on selling PPI. You can assert your right as a consumer. PPI refunds help reduce your mortgage fees and let you retrieve thousands of dollars at the same time.
What is Payment Protection Insurance?
Payment Protection Insurance is a plan that protects consumers when they are unable to repay different types of loans, including credit cards and mortgages. What it does is to pay your monthly dues when you are unable to, either because of illness, redundancy, or other reasons that leave you financially incapable.
You may have heard of PPI as one of its many names. Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP), Credit Card Repayment Protection (CCRP), and Life, Accident, Sickness and Unemployment (Life & ASU) cover are just some of the other names for PPI.
Why are lending institutions and insurance companies handing out PPI refunds?
Many lending institutions have been selling payment protection insurance without informing their clients properly. Some told their clients that the insurance cover is mandatory. Others encouraged their borrowers to add the cover on top of their loan because, according to them, it increases the likelihood of getting a loan application approval. Most companies simply put a check box on each loan application form which lets borrowers opt out of the insurance cover.
According to the Financial Services Authority (FSA), these measures all fall under false pretense. Payment protection insurance is optional, and it is up to you entirely if you want to buy it or not. The instances mentioned above are some examples of misinformation about PPI. Reclaim your money legally if your loan or mortgage includes PPI payments and the company misinformed you about it.
Companies also have to give PPI refunds if they did not discuss their clients' medical history before selling them the cover. The same applies if they sold the insurance even though you were not a full-time employee at the time.
How do you reclaim your money?
If you believe your lender misinformed you about PPI, reclaim your money by getting the help of a financial reclaims expert. They have the knowledge and experience to facilitate your claim. They will assess whether or not you qualify for PPI refunds, and if you do, they will negotiate the terms of your claim with your lender. They will also assist you if you fail to settle with your lender and the claim goes to court.
These claims rarely go to court, because previous claims paved the way for out-of-court settlements. You can claim all the premiums you paid with interest. The financial reclaims adviser will take a percentage out of this as their fee. It will be easier to process your claim if you have the original contract and other documents proving the misinformation.
You can make as many claims as you can as long as you have not yet taken your case to the Financial Ombudsman Service. You may still be eligible for a refund even if you have already paid off your loan. Talk to a financial reclaims adviser today and claim the money that is rightfully yours.
Ernesto Sandra is a financial adviser experienced in PPI reclaim procedures and helps clients with PPI refunds.
No comments:
Post a Comment