Payment Protection Insurance or PPI is a coverage that is sold along with financial products such as loans, credit cards, mortgages, hire purchase, stock cards, etc. It is meant to protect the borrowers from the risks in case they are unable to repay their borrowed amount. There might be several reasons for which they are unable to pay back the money to the lender like injury, illness, redundancy or unemployment.
There was a huge hue and cry among many customers in the United Kingdom, who were misled by many brokers under the pressure of competition. PPI insurance policy was forcibly sold to many customers, and they were also misguided by various financial institutions. It further added up-front to mortgage or loans into a huge sum without the knowledge of the customers. This aggressive selling of PPI resulted in many people reclaiming their PPI payments, but none of the customers were satisfied with amount they received after filing the claim. Reclaim application forms of many customers were rejected. Many of the borrowers did not receive the expected amount, which they actually deserved.
Seek Advice from Experts for Handling Your PPI Reclaim
If you too are a victim of such incidents, you need to contact experts in the field. These professionals are well acquainted with the process of reclaiming PPI money. Some of the veterans do not even ask for any additional cost for their services. Moreover, there many are claims management companies, who also assist helpless borrowers in getting their money back.
Who are Eligible for PPI Claim?
- Age: Individuals between the age group of 18 to 65 years are eligible for getting back there PPI amount.
- Employed or retired individuals: If you are self employed or retired, you are eligible to get PPI compensation. Those who are doing part time jobs, or employed for short term contract period, do not qualify.
- Medical ground: If you are already suffering from any kind of illness while signing up for the PPI, then you will not get the compensation. However, it mainly depends on the policies of different insurance companies. If you are lucky enough, you may get your money back within no time.
How to Choose a Reclaiming Company
When you are looking for a claims management company for getting back your money, you need to bear certain things in mind. Choose the company that possesses the full authorization by Ministry of Justice. For making your search better, it is advisable to read the customer reviews of such companies on their websites or open forums. These reviews will give you a clear idea about the whereabouts of the concerned organization. Thus, it will be easier for you to reject or a select any specific company for your purpose.
You should also look into the amount of projected fees charged by these organizations for reclaiming process. You could opt for a company that asks for up-front monthly premiums towards the insurance. The companies that ask for larger cut are actually dubious. Thus, you need to be very careful while hiring the services of a claim management company.