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How to reclaim mis-sold Payment Protection Insurance?
Posted by admin | Posted in Marketing | Posted on 24-06-2010
Payment Protection Insurance (also known as PPI) is specifically designed to keep your monthly loan repayments cycle running smoothly in case you are unable, due to some kind of accident sickness or being without a job.
It is estimated that over 85% of customers do not opt for miss sold loan protection insurance when they are purchasing a loan, credit card or a mortgage for redundancy insurance or critical illness cover.
Payment Protection may have been added as a lump sum on top of your loan, or you may have been offered a regular monthly premium; this will be paid for separate to your monthly loan repayment.
How to reclaim PPI Insurance and save money
The Top3 points that will help consumers to avoid purchase needless payment loan insurance or from being mis-sold this cover.
- Interest rate (APR) of a loan does not include the cost of payment protection.
- You should be able to cancel the agreement if you are unhappy with the cost of the loan insurance or were not aware it had been added to your loan.
- Some consumers may already be covered by another policy without realizing, meaning they could be paying for unnecessary cover.
- Most importantly, check that the policy cover is appropriate to the consumer’s circumstances.
For claiming PPI, finding a professional and experiences lawyer who can successfully protect your rights on mis-sold Payment Protection Insurance is a tough task.
The hardest part is not choosing an attorney, but convincing yourself that he or she is right for your particular situation. You may want to do some window shopping so to speak. The Yellow Pages of your local phone directory and the Internet are two valuable tools when seeking legal representation. Shop around, read the testimonials from previous client, review the case studies and not to forget to take the views your close one before finalizing any particular attorney.
