Payment protection insurance is perhaps one of the most overlooked types of insurance policies, yet it is commonly bundled with home loans, business loans, personal loans, and credit cards. Even more surprising is the fact that many consumers have never heard of PPI, despite the fact that tens of thousands of policies are sold each year by dishonest lenders. Lenders can mis-sell PPI policies several ways - they may fail to disclose the complete terms and conditions of the policy, they may persuade the borrower into believing that the policy is mandated or necessary for loan approval, or they may fail to mention it completely. Regardless of how the PPI policy was mis-sold, individuals that were ineligible or unaware of their payment protection policy are entitled to receive a full refund.
How to File Payment Protection Claims against the Lender
By contacting a payment protection claimspayment protection claims company and consulting with a specialist you can begin reclaiming all of the money spent on your PPI policy. In addition, the specialist will analyze your situation and give you tips needed to assist you in cancelling PPI before it continues to create debt and increase monthly repayments. Whether you were charged for the policy with a one-time premium, or are continuously making monthly payments, you can reclaim the full amount spent on the policy, as well as additional interest on bank charges caused by the mis-sold PPI.
Who Do I File a Claim Against?
Payment protection insurance companies are not fully responsible for ensuring that all individuals enrolled for their policies are eligible. In other words, lenders work directly with the insurance company and mis-sell policies to ineligible or unaware borrowers, while also deceiving the payment protection insurance company by sending them poor leads and unqualified customers. Thus, after cancelling PPI and seeking retribution you'll be receiving compensation from the lender, not the insurance company. This often confuses PPI policyholders and victimized borrowers because many assume that they are filing a claim against their PPI policy. Sadly, most claims filed against the PPI policy are not honored, as more than 85% of policyholders are actually ineligible for coverage.
How Long Does cancelling PPI Take?
The process of cancelling PPI can be facilitated in just 1 to 4 weeks, and a response is usually offered by a PPI claim company within 24 hours of your inquiry. Simply submit basic contact information and data about the loan amount, how the policy was mis-sold, and why you believe you should be given compensation for your PPI policies. A £20,000 personal loan can carry a PPI policy as high as £2,000 to £4,000, so it is easy to see why so many people are cancelling PPI coverage and attempting to reclaim funds. Overall, cancelling PPI is a simple task that does not require any upfront investment, research, or effort on your behalf, as the entire claims process can be facilitated by PPI professionals that have the experience, expertise, knowledge, and industry connections needed.
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