Payment protection insurance, generally referred as PPI, is there in place to assist the individuals to settle up any amount overdue if the person becomes ill, loses his job, or has met with an unfortunate accident. Although Ppi is there to assist people in their state of financial instability, but the issues come when the buyers are sold the cover, without their knowledge. If you also have faced something similar, then you can file claim.
The fact is that if you have been a victim of mis sold payment protection insurance, then you might have paid or still be paying for a policy you do not need. Many times, the individuals deter from taking any legal step as they are unsure about the entire legal process and are unaware about the steps to take. You have to follow some simple steps and get back what you rightfully deserve. The first and most important step is that do not bother that once you claim your association or relation with your banker or lender might change. After all, you have been victimized because of their mistake and hence, you have all the rights to take the standpoint that you are lawfully allowed to reclaim back what should be yours.
The next step has to be collecting all the related credentials and documents. Find the documents, which have the exact details of the time of insurance selling. Check the rules and regulations for your loan as the cost of PPI may be incorporated on your accounts. It is also possible that it is not listed as PPI, but is called a loan protection, credit insurance, loan repayment insurance, ASU (accident, sickness and unemployment) insurance, account cover or payment cover. If there are any of the terms incorporated, you have been mis sold Ppi.
In case, you are unable to find any information or are unsure whether you have the insurance cover or not, then, get in touch with your bank or the lender and ask them to send you all the details. They have to send you the information, if they fail to do so, they might have to pay extra compensation. Once, you have all the details, assess the document and confirm that you have a genuine case to submit. You can’t just claim for the sake of it, particularly if you were aware of PPI and knowingly agreed to the terms at the time. This might entail reviewing the little features and investigating the details of the mortgage, credit card or loan, whatever you were getting.
Once you think, you have a claim, immediately get in touch with a financial claims management company or an expert notary to help you with your allege. These experts have the knowledge and skill to handle your case and will guide you accordingly. One thing you have to remember that just because you have made claim, you will not get recompensed. You have to have the necessary evidence and proof.
These are some simple steps that will help you get whatever you lost because of mis sold payment protection.