What is PPI and how can you reclaim it

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What is PPI?

PPI or Payment protection insurance (PPI), which is also known as loan repayment insurance, is an insurance product which enables consumers to insure their repayment of loans if they become ill, have some serious accident or if they face any other circumstances that may prevent them from earning income to pay the debt. You can get PPI services form many banks, finance companies and credit providers.

Research shows that, banks, finance companies and credit card providers are hiding those financial cover(PPI Policy) and are mis-selling them to people who would never be able to make a claim. Although billions of money has been paid already, but still there is an estimated of £9 billion owed.

How to know if you’ve had PPI?

Have a quick look at your debts paperwork (current or past), to see if you were charged with PPI Charges. Your PPI policy might had other names instead of PPI(which your bank is trying to hide from you) such as card protection, payment cover or loan care.Try to find something that says you were charged for cover repayments on debt or loans in the event of, if you become ill, have some serious accident or if you face any other circumstances that may prevent you from earning income to pay the debt.

Some banks have started to write their customers to tell them they might have been mis-sold PPI. And, thousands of customers are either sent emails or letters as a process of contacting. The banks are writing these letters because they believe they may have mis-sold PPI to you, and if you recieve this letter respond quickly to it and get refunds. Also, don’t wait for the banks to contact you, because there are possibilty that your bank might never contact you.

How to claim back your PPI?

The time limit to claim back your PPI is six year after your policy has ended.It will be lot easier to claim your PPI back, if you have your original loan agreement and terms. Under the Consumer Credit Act, you have you legal rights to get a copy of your original loan agreement and terms. After that make a copy of your original loan agreement and terms, locate the bank, finance company and firms you took your loans and credit cards with.

Once you put your claim, banks will have about eight weeks to respond. And, after you successfully claim it, the bank will pay you out. This might take some time because millions of claims are already in queue.

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