Mis-Sold Plans
One of the major problems with payment protection insurance (PPI) is that it has been mis-sold widely to clients. One way it was mis-sold is that most clients paid for PPI without knowing that it had been added on. For instance, the lender may give a price for a loan which is fully protected without informing the borrower that he or she is paying extra for an insurance plan which is costly. Another way in which this insurance was mis-sold was by failing to notify the borrowers that PPI was optional.
How much can you get?
Before you choose to make a claim for your own payment protection insurance payments, you will want to figure out how much money you are owed. With the help of PPI claims calculator, you will be able to get a nice idea of the amount of money to claim. PPI plans are always sold in two ways; as a monthly payment, or as a single premium which is added to the loan`s total cost. You should have an accurate statement of the amount you were paying every month over the life of the insurance policy. This is important because it is the amount of money you will claim back. It is often tricky to figure out the amount you are owed as far as lump sum payment is concerned. This is so since the lump sum is part of the loan`s total cost. You should ensure that you go over the details of your current statements and the original agreement in order to find the correct number you were paying out every month as far as mis-sold plan is concerned. For sure, PPI claims calculator will help you know how much PPI to claim.
Making a claim
In case you have been mis-sold a payment protection insurance (PPI) plan, you are eligible to make a claim. Most lenders usually don’t keep original documents after a 6-year period. Therefore, one of the things that you should do first is to ensure that the insurance is still active, or that the insurance was sold within the last 6 years. Then, write to the person who sold you the insurance policy directly. Don’t write to the insurance Co. itself. This person is the loan officer, credit or banker provider and he or she is responsible for the original sales. In case they reject your claim, consider going to the Financial Ombudsman Service to register your complaint. You can also consider employing a claims company to act on your behalf.
In conclusion, PPI was meant to assist clients who are not able to pay their minimum payments due to reasons such as accidents, sickness or unemployment among others. In case you want to claim back your payments, PPI claims calculator will enable you to know how much PPI to claim.
source: everybodylovesyourmoney.com
