15:52 02 February 2013
Payment Protection Insuranceis a type of protection being offered to borrowers by lenders such as banks and other financial institution. Borrowers will pay additional money on top of their loan and PPI will offer protection if borrowers are unable to keep up with monthly payments.
Technically, PPI is a good financial product. However, a lot of lenders have mis-sold this to borrowers to make money. A lot of people paid or are still paying for this insurance without them knowing it.
If you suspect that you are one of these people, the first thing that you need to do is to go over your loan contract to verify if indeed Payment Protection Insurance was sold to you without your knowledge, or without you getting thorough explanation.
The next step is to make a claim. Keep in mind that the whole process can be daunting and confusing. If you don’t want to do it alone and if you want to increase your chances of getting your refund ASAP, get in touch with a claims management company.
Usually, these companies will only bill you if they have successfully processed your claim so it will be win-win situation for both parties involved.
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