What Was Payment Protection Insurance And How Can You Claim Compensation?

PPI came with a unique concept but slowly it became a big threat for consumers. This is nothing but an insurance that issues requisite sum for paying off your credits especially in the form of loans, store cards, catalogue payments, credit cards, or mortgages. But if you find this insurance absolutely useless for you then you can surely reclaim payment protection insurance.

Overview about PPI:

PPI as the name suggests it offers protection to your credit payment but if you do not require it then there is no point in taking the cover. Many circumstances might occur when people fail to pay off their credits or loans and in those situations this insurance is a great help. If you fall ill or unemployed on a sudden note then you will surely not be able to make your repayments on time. During that time, this insurance will assist you a lot. With the death of the borrower the amount might even get cancelled under this insurance. But if you have your regular job and you are capable enough for paying off your dents then you are allowed to reclaim payment protection insurance.

How to claim PPI refunds?

You have to follow the standard procedure for reclaiming your refund for PPI. In this case, you can make approach to FCA for assistance or can reach to the ombudsman. Ombudsman need to be reached only when banks have rejected your application and have denied paying back your claims. For taking the case to the ombudsman you have to keep all your files or documents related to PPI intact. Even if you have lost the papers then also you can go ahead but for that you have to ask your provider for offering your details from their records. If within 8-weeks your bank fails to give a positive response then only you have the fullest right to knock the doors of ombudsman so that you can take up the case legally. But you should make your claims within the specified deadline for receiving refunds. Older policies can also be reclaimed but the rejection rate is highest. You can now have some potential advices or recommendations from FCA regarding how to place your refund application successfully and systematically. It is very important to recognise early that you have been cheated by your provider. Early realisation will enable you receiving proper claims on your PPI.

The law says that every victim has the right to reclaim payment protection insurance if they find themselves deceived by their providers. There are innumerable companies that are now helping these victims by managing their PPI claims in a legalised manner. These companies are also letting the victims know about their rights involved in PPI reclaim.

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