Although there are over 20 million payment protection insurance policies currently in existence in the UK, it appears that many people are still not fully aware of what it is or what it does. Those that don’t know what it is could be missing out on a possible PPI reclaiming opportunity because if they have payment protection insurance on loans or credit cards without knowing it then it must have been mis-sold!
Payment Protection Insurance, or PPI, is sold alongside credit cards, store cards, loans and other financial products such as mortgages, and is supposed to cover the repayments in the event of accident, redundancy or illness preventing the debtor from working. In theory it’s a good insurance to have, as it gives a borrower peace of mind that the debt repayments will be met if they are unable to work. However, due to the massive profits the banks have made out of selling payment protection insurance, many instances of mis-selling have been uncovered as commission hungry salespeople have sold it as aggressively as possible.
One such example is the fact that many payment protection insurance policies have been sold to people without them even knowing about it! Most people when taking out a loan or credit agreement will normally only ask as to what the monthly repayment is, and if the figure quoted is affordable will usually say “yes” if the bank has accepted them. However, often the monthly repayment amounts are INCLUSIVE of payment protection insurance, but the borrower is not always told that.
Therefore, debtors are urged to check their loan, credit card and mortgage statements to see if they have been a victim of mis-selling because they would have a valid case for PPI reclaiming. If your loan, credit card or mortgage agreements contain payment protection insurance, and you were unaware of it, then you can ask the bank for a refund. If you are unsure about how to go about PPI reclaiming, then why not use the expert services of UK Money Solutions? They will handle the whole process for you, including taking your claim all the way to the Ombudsman if necessary, and they do not charge upfront fees.