Reclaim Credit Card PPI
Payment protection insurance (PPI) is insurance that was commonly added to credit cards, mortgages and loans. PPI is supposed to take over the monthly repayments on the financial service being insured if the borrower cannot work due to ill health or unemployment.. The CAB (Citizens Advice Bureau) in 2006 criticized the process in which lenders sold payment protection making PPI seem like a scam. Following the CAB's footsteps the OFT (Office of Fair Trading) and the FSA (Financial Services Authority) that the general public know that there may be large numbers of mis-sold policies. The statements help to start a revolution against the lenders who mis-sold payment protection. The PPI claims since then have poured in by the masses.
How to Make a PPI Claim
If within the last decade you took out a loan of any sort there is a possibility you may have payment protection. If you feel that though you have been mistreated in the situation regarding payment protection you are to file a claim against the lenders. Many policyholders are confused by this because lenders are not the one who owns the payment protection insurance company. The reason policyholders must claim against lenders is because lenders are the ones who miss sold the payment protection policies. Mis-selling is referred to when a tangible service is made intangible by selling the service to someone who cannot use them. A checklist of common practices of mis-sold payment protection policies are below:
- Were you informed that payment protection was mandatory?
- Was it implied directly or indirectly that that if you took out a payment protection policy you would increase your chances of getting the loan?
- Is a pre-existing medical condition a part of your life?
If any of the above items applies to you and the lender denies the claim the borrower must then make a PPI reclaim appeal to the FOS (Financial Ombudsman Service) the FOS will only accept original documentation thereby, making it harder for the borrower to receive compensation if they have not kept up with the paperwork regarding their policies. It is usually at this time of the PPI claims process in which many people opt for the services of a PPI claims company.
Help with PPI
Payment protection insurance claims companies have recently been necessary in helping customers reclaim credit card PPI. With credit cards been one of the most prevalent types of financial services, and so many PPI reclaims being filed every year it is easy to see why there is so much controversy regarding how to reclaim credit card PPI. Many borrowers do not know that if they have been mis-sold PPI that they can reclaim credit card PPI charges. Luckily for borrowers PPI claims companies know all the rules and regulations regarding the process of how to reclaim credit card PPI. In a reclaim credit card PPI case payment protection client companies can give estimates as to how much the borrower may receive. Some PPI claims companies have been certified by the Ministry of Justice to reclaim credit card PPI and the charges relating to the account. Some of the PPI claims companies do not even charge a fee unless they can reclaim credit card PPI fees.
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