Many people in the past have been mis-sold payment protection insurance. There have been many reports in the press recently about this issue and now people are trying to claim their money back through PPI reclaim companies. Payment protection insurance was sold to people when they took out a loan, store card or credit card and was sold as an insurance to cover you if you defaulted any payments due to sickness, redundancy, unemployment or accidents. Many people assumed this was necessary to purchase and it was never properly explained that is was an optional extra and not a necessity so now people are going through PPI reclaim proceedings.
Many lenders never fully explained the PPI polices and it was not made clear to the majority of customers that it was an optional extra. Now this has come to light people who were mis-sold PPI are starting PPI claims to get their money back. Many people also found that payment protection insurance didn’t cover them as they expected and there was many conditions attached to it that were also not fully explained to customers. Many people who bought PPI were just throwing money down the drain for a product they didn’t need and they now want to go through PPI reclaim to get this back.
More and more lenders are having to admit that they mis-sold payment protection insurance to customers so more and more people are looking into PPI reclaim services to try and get their money back. Many people are getting a substantial amount of money back through PPI claims so if you think you were mis-sold PPI then it is well worth while talking to a PPI reclaim company to find out if you have a case. Most PPI reclaim companies will work on a no win, no fee basis so you have nothing to lose by attempting PPI claims. The PPI reclaim company will ask you a number of questions to ascertain if they think you have a case and if they do they will be happy to represent you and try and get your money back.
Article By: Jessica Thomson