Author Box
Articles Categories
All Categories
Articles Resources

Understanding PPI Refunds and How It Works

February 21, 2012 | Comments: 0 | Views: 115

In the United Kingdom, Payment protection insurance (PPI) is a type of insurance that covers outstanding debts. People make use of this insurance when they secure loans such as mortgages, credit cards, or car loans. Borrowers file a PPI claim when they can no longer pay the loan in the event of an accident, illness, job retrenchment, or death. Many are not aware that they can file for PPI refunds. Because of this oversight, they miss out on getting a refund worth thousands of pounds.

People can get a PPI from various sources. There are lending companies that offer the insurance along with the loan. For example, banks offer the borrower a PPI along with a home mortgage. They consider the PPI as an add-on product. Borrowers can choose to get the PPI from the insurance company itself. Mis sold PPI claims are the result of an agent's persistence in its purchase even if it is not necessary.

Why should people file for PPI refunds?

One of the many reasons people file a PPI is for financial protection. This type of insurance covers your expenses in case you no longer have the capacity to pay your debts. It provides you with enough money until you can financially recover or until you find yourself a new job.

How do I secure my refunds?

You can start securing your PPI refund by writing a letter to your insurance company or bank. Start by stating why you think your insurance was mis-sold. Make sure you enumerate all valid claims to support your case. Include a clear breakdown of your computation and attach it in your letter.

Your lender might not grant your request on your first try. They usually do this to discourage you from taking any further action. The case might seem hopeless at first but if you are vigilant and persistent, you have a high chance of reclaiming your money back.

Make sure you give them an ultimatum. This is to inform them that you know what you are doing and are not afraid. Get the Financial Ombudsman Service involved if you receive no reply or another rejection. Let them know that you are ready to take the legal steps against them if necessary.

How can I get the PPI refunds?

Getting your PPI refund may take some time so you need to be a little patient. Know how to talk and deal with other people. Don't be surprised when lenders become aggressive in answering back. The process could take one or two more years in most cases.

You can also choose to hire the services of a claims company to make things easier for you. You can look for a reliable claims company on the internet. Make sure you find a reputable company that can negotiate your claim. They should have experience in dealing with mis sold PPI claims and can provide you with client references to back it up.

You should also do your own research if you want to find the best financial consultant group. There are many cases involving PPI claims in England, so you can expect many companies offering you their expert services. Search the website of each company and check out their portfolio. You can get your PPI refunds easily if you know what steps to take. Choose a good claims company if you want to get back what truly belongs to you.

Ernesto is a legal consultant who knows about mis sold ppi claims as well as ppi refunds.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Mis Sold Ppi Claims


Ppi Refunds

The 3 Month Payday Loans is most suitable options for the people who do not possess assets. There are a variety of loan options for the people who are willing to pledge assets against the cash

By: Cameron white l Finance > Personal Finance l July 09, 2013 lViews: 560

For many people, bankruptcy can make their world fall apart. The apparent loss of reputation coupled with the inability to take financial decisions can deter anyone from thinking clearly. But all is

By: noragwilt l Finance > Bankruptcy Lawyers l November 18, 2012 lViews: 304

If you are availing payday loans with monthly payments, it is easy for you to obtain quick money from online lending companies.By getting the best deals of loan, you can save money in terms of

By: Malen Cheks l Finance > Loans l November 16, 2012 lViews: 289

Loans online have become the popular source of income and people can make smart decision of taking it.Now, don’t go anywhere and sit in your home silently. Such deals would bring you money without

By: Marsh Jone l Finance > Loans l November 13, 2012 lViews: 288

Loans for the unemployed would let you feel comfortable with your unstable conditions due to jobless period.If you compare the rates of a few lenders, you would definitely get the suitable lender to

By: kelse roy l Finance > Loans l November 13, 2012 lViews: 467

By taking cash advance for bad credit, it is easy for you to improve your credit status. This loan is useful to relieve financial stress. This loan is totally free from credit verification and

By: Honard Nork l Finance > Loans l November 09, 2012 lViews: 301

There are lots of people who face trouble in paying multiple debts every month. This article will help them to understand the importance of debt consolidation loans and their benefits.

By: Emma P Smithl Finance > Debt Consolidationl April 20, 2012 lViews: 149

Debt has consumed our nation in recent years. There are many reasons for why that average person is thousands of dollars in debt some people have been demoted or lost their jobs while others were not

By: Melvin Singleterryl Finance > Debt Consolidationl April 17, 2012 lViews: 155

Getting out of debt is a tough process but not automatically impossible. Numerous debt companies can help you be debt free through their management plans. Find out how people are getting out of debt

By: Evo P Fentyl Finance > Debt Consolidationl April 15, 2012 lViews: 178

This article offers plenty of information for those who are struggling with multiple repayments. It will help them to understand the key benefits of taking debt consolidation advice.

By: Emma P Smithl Finance > Debt Consolidationl April 12, 2012 lViews: 175

How to find sites for student loan consolidation refers to the process of determining a financial company to assist students and parents to consolidate these debts for quick and easier repayment.

By: Brook Evansl Finance > Debt Consolidationl April 12, 2012 lViews: 158

Debt consolidation is necessary if you are facing difficulties in timely payment of your loan installments and credit card bills, or if you have a large amount of debt. Both of these things

By: Leslie L Tepperl Finance > Debt Consolidationl April 10, 2012 lViews: 142