Take control of your finances
Should you have a ppi policy and consider that you were missold PPI, it’s helpful to know that you can reclaim these ppi premiums?
Payment protection insurance is a policy which helps you should you become unable to work. Payments are either made on a monthly basis or in other cases the insurance is a single premium. Appending the policy to the loan amount is not cheap because interest is added.
Payment protection insurance should be considered when there is no job security. If you become unemployed you’ll need a strategy to repay any loans or credit cards. If you do not have any savings and no existing insurance policy then it may be a good option.
Payment protection plans are not suitable for everyone. This is because they already have cover elsewhere. Or they have savings in the bank. Or they are self-employed in which case the policy may not cover them. You need to figure out whether the plan is suitable for your needs.
If your claim for compensation succeeds, your provider will offer redress. Not only this, but interest will be added to this amount. In this way it could be a good move to make a claim if you don’t need the plan.
You should always be told that the policy is optional. If this was not made clear then you should be able to claim back your money. Obtaining a refund can be a bit of a battle since lenders don’t always cave in.
A certain percentage of people are unaware of what they are entitled to when claim back ppi. Because of this, CMCs are able to represent consumers who have been missold. They usually do not charge an upfront fee for this service. If you think you have a case, talk to a CMC who will advise you further.
Many people are taking control of their finances and one of the ways to do this is to claim compensation for any products that were missold to them. Not only payment protection, but a whole host of other charges can be reclaimed. The best way is to try it then you can see what you can reclaim, if anything.
