Claiming back PPI can be confusing for many, with some unsure on how the PPI claim process works and others unsure as to whether or not they are entitled to it. Taking that first step towards a successful claim can be daunting, however we have a guide to help you with everything you need to know, here.
What IS PPI?
PPI, otherwise known as Payment Protection Insurance, is an insurance that is commonly sold alongside a mortgage, loan or car finance plan. If the borrower is suffering from some form of illness that may restrict them in paying back the loan in future, then this is paid alongside one of these loans in instalments should the borrower fall ill. However, this type of insurance was wrongfully mis-sold to millions alongside these styles of payments and was being taken as commission by the lenders themselves. This, therefore, means that there are a vast majority of people that are entitled to money that they are yet to have paid back to them.
How Do I Know If I Am Eligible?
Finding out if you are eligible is easy – due to the vast number of people that are affected, anyone that has taken out a loan from 2000 onwards, then you may be eligible for PPI. To see if you are indeed eligible, all you need to do is look at your statements. If you find something on these statements that you are unsure of, it is vital that you contact your bank directly. This will not only help you to deal with the problem directly, but it will also help to give you a direct answer. Another way that you can check your eligibility is through a PPI claims company, as they are well versed in helping people up and down the country claim back the money that they are owed.
How To Claim Back PPI?
Claiming back PPI is simple with a claims company as they take all the stress away for you, allowing you to go about your everyday life without any stress. Each PPI claim company operates on a no win no fee basis, meaning that you do not have to pay a penny if your case is not successful. This is ideal for those that want to make a claim but don’t know where to start as they are easily accessible online.
With the PPI deadline fast approaching on the 29th of August, it is important that you put in your claim as quickly as possible. This PPI deadline is something that has featured rather heavily in several PPI adverts, some of the most memorable including Robo Arnie, encouraging people to make their claims quickly. This PPI deadline has led to a sharp increase in the number of people making claims in recent months and is only set to increase as time goes on. This comes after the banks who have recently increased the money set aside to repay millions of people the compensation that they deserve.
Why Apply Before Then?
It is vital that you apply before the PPI deadline as this could be a large sum of money lost that you are entitled to. Once the deadline has passed, there will be no other way to make a new claim and there will be no more money given out to those that have made brand new claims. For this reason and this reason alone, it is vital that your claim is put in on time as you could be missing out on a larger sum of money consequently.
Regardless of whether you are waiting to hear more about the status of your PPI claim, or you are unsure as to whether you are entitled to the claim, it is important that you claim anyway. You never know, you could be owed money from a loan you took out years ago!