Payment protection Insurance (PPI) is designed to cover a loan or other repayments if you are unable to meet them due to circumstance. These circumstances are typically if you are made redundant or out of work because of accident or illness. This also sounds very useful but PPI was widely mis sold by target driven bank staff, so many people that bought PPI can now claim a refund. There are a number of avenues for you to explore if you think that you may have been mis sold PPI.
The first thing you should do is check if you actually have a policy as the cost of the insurance may be included on your paperwork. If it is not listed as Payment Protection Insurance it may be listed as Loan Repayment Insurance, credit insurance, loan protection, ASU (accident, sickness and unemployment) Insurance, account cover or payment cover. If you are unsure about whether or not you have PPI ask the firm or bank that sold you the loan.
Having established that you have been mis sold PPI, now is time to investigate whether or not you were mis sold the payment protection insurance. If you felt pressured into taking out PPI, or if it was not made clear PPI was optional, or you were advised to take out PPI despite it being unsuitable, or any exclusions were not explained such as being self-employed or having a pre-existing medical condition, or the policy was added to your loan without your knowledge, it was not made clear that you would pay interest on the cost of PPI if it was added to the loan or it was not made clear that the PPI cover would end before the loan was repaid you are a candidate for compensation.
You can of course pursue your claim independently, many are now urging you to do so after reports of dodgy PPI claims companies, many of which have already being shut down or warned. However this course is not without risks, individual claims are often defeated by the banks, with individual claims only showing a 40% success rate. A lone individual against the might of the banks is a bit like David and Goliath. With Goliath winning.
Putting a dedicated company with a good reputation in charge of your claim can be the best way forward, such as www.consfumerfinanceclaims.org.uk. Consumer Finance can recover the full worth of your claim, often plus interest. Many companies in the industry will fabricate claims on how much money you are owed, but it is impossible to tell prior to them looking into the claim, so be warned! Consumer Finance have been established since 2008 with a proven track record they are known for low cost fees doubled with top quality service. With a no win no fee policy, what have you got to lose! With a PPI claim deadline ever closer and the banks money predicted to run out a lot sooner than expected, now really is the time to claim.