As payment protection insurance was so frequently added onto an array
of different forms of finance it can be easy for many people to hold
more than one payment protection insurance policy. Although many believe
that payment protection insurance was only added to loans it was in
fact also added to credit cards, store cards, car finance and less
commonly mortgages and as the mis selling scandal covered two decades at
the very least it is easy to pick up multiple policies. It is also
worth considering the fact that many were sold payment protection
policies without even knowing that such a policy had been included on
their credit agreement.
If you held multiple payment protection
insurance policies across a selection of financial institutions then
manually claiming them all back individually could quickly work out to
be very time consuming and heavy on the administration. This is where
claims management services such as Payment Protection Partnership Glasgow
come in and help you get your money back in the most efficient manner
possible. Instead of making multiple claims to each individual
bank/lender you simply need to send the service the required information
and they will then do all of the work for you.
The length of time
the claim back takes will of course depend on the individual banks
which are involved and the specifics of each claim. As you will
typically receive your payout in one lump sum for all of the policies
you may find that one bank could cause a delay for the whole process.
The
actual pay out you will receive from each policy will vary massively
but the most important point to note is the procedure which takes place
if you are claiming payment protection insurance back on a current
policy and loan. In these cases the lender has the right to use the
money from the PPI claim pay out and use it to pay off or contribute to
the existing debt which the borrower holds with the bank rather than
sending the money direct to the claimant.
source: lifeandmyfinances.com
