So many people these days are making an attempt to reclaim payment protection insurance. (PPI) The most recent news, in the world of PPI is that the rules are changing in terms of how banks and finance houses sell payment protection insurance. Before, this area of finance was not so tightly regulated, therefore thousands of individuals were finding themselves in a situation where they realised they could reclaim their PPI premiums.
One of the main reasons for reclaiming PPI premiums is mis sold PPI. This is basically when someone signs up to a policy without being aware of certain things. Some of the things that they might not have been aware of are the fact that if you are over the age of 65 and classed a pensioner, payment protection insurance is not available to you. Therefore if an adviser offers you payment protection insurance this is actually illegal and you should refuse it. Some pensioners are not aware of this law; therefore they take up the offer and pay monthly premiums towards a policy that is actually not valid.
The Financial Standards Authority has investigated thousands of cases of mis sold policies and some banks have been found guilty of mis selling policies. Many people don’t actually know that they can claim their premiums back as well as more money. However even if you don’t know where to start when it comes to reclaiming PPI, there are always companies out there that can help you. As a result of the most recent boom in mis sold payment protection insurance there are a plethora of companies that offer an exclusive payment protection insurance reclaiming service.
These companies, what they usually do is, offer a no obligation review of your payment protection policy. Once they have done this and found out a lot more about your contract, they will be able to give you some feedback on whether or not they think it is possible for you to reclaim payment protection. If you can they will take some more information from you and go ahead and start working on your claim. You could get hundreds or even thousands of pounds depending on how severe your case is.
Payment protection insurance is something that most people see as being a good thing due to the fact that it can help you when you are in a financial bind due to job loss or illness. However recently due to the publicity of mis sold PPI people have become more wary about purchasing these policies. If you are going to enter into a payment protection insurance policy it is always a good thing to go over all the terms and conditions with a fine tooth comb before actually signing on the dotted line.
If you really want to be certain you are entering into a valid policy, you should consider doing some research as well to make sure that you are actually entitled to enter into a payment protection insurance policy. Because if you pay the premiums and it turns out you are not eligible to enter into one then you will find that you will not be able to claim if you fall ill or lose your job. Therefore it is always worth making the effort before entering into a legally binding contract.