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PPI Calculator Your Refund Amount Today !
Posted Apr 13th, 2013 by admin    / Permalink /

The acronym PPI stands for Payment Protection Insurance. Ideally, this kind of insurance is sold to only those who qualify for the same when they are taking out a mortgage loan or purchasing a credit card. This insurance policy is supposed to be the back-up or standby help in case the owner of the loan fails to make his/her monthly payments on time because of accident, redundancy or other problems. Unfortunately, things do not happen the way they are intended to be and this is why there are so many cases of missold PPI policy in the UK.PPI

In case you weren’t employed at the time of applying for the insurance then you have been tricked and the policy has been missold to you. Also, if you haven’t been explained about the details of the policy properly then it means that you were missold PPI. Irrespective of the circumstances under which the policy was missold to you, you definitely have complete right to claim for a refund. Most people in the UK are generally skeptical about the chances of their success and hence they stay away from the process of claiming refund. This is definitely wrong, in case you have a missold policy lying with you, then it is definitely advisable to claim your money back, after all, it is your hard earned money in the first place!

To make claims for your missold PPI policy yourself you need to contact the lender from whom you’ve purchased your credit card or taken out a mortgage loan. It is best to have all communication in written because these can serve as a proof in case you need to take the matter to the Financial Ombudsman Service, the chances of which are very high because the bank or the financial institution that had missold the policy to you wouldn’t give you an acceptable response on your first try. Therefore, you will have to take things to a higher level and seek the help of the Financial Ombudsman Service. There is also the alternative of hiring the claims services offered by claims management companies in the UK.