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Payment Protections Insurance – Getting the Most from PPI Claims

Payment protection insurance was originally designed to protect individuals financially when taking out various types of loans. Typically the way that this is supposed to work is that if you take out these loans such as a home mortgage, car loan, and personal loan or even obtain a credit card then this insurance would be added to your agreement to protect you in the event that you became unable to work due to an injury or illness. The problems with this began when individuals began being miss-sold these policies. As a result the need to file PPI claims became necessary in order to get back some or all of the money which was paid into such policies.

 

There are many reasons why individuals may have been miss-sold payment protection insurance. Some of the most common of these reasons may include the following:

 

  • Lender failed to check borrowers work status or employment history
  • Lender failed to check borrowers medical history
  • Lender stated that PPI was required in order to be approved for loan
  • Lender added PPI without even informing borrower

 

Although there may be other reasons that PPI was miss-sold to someone these are among the most

common. If you believe that this may have happened to you then now is the time to consider filing PPI claims in order to get back at least some – and in some cases all – of the money which you paid into this policy.

 

Not everyone understands the matter of payment protection insurance. For those who don’t there are firms that deal only with PPI claims. Putting one of these firms to work for you may be in your best interest to ensure that you get the refund that you are entitled to. These firms know exactly what steps need to be taken and when. They are also knowledgeable in the laws and regulations regarding these claims such as how and when they should be filed as well as the time limit on filing such claims.

 

Once you have filed a claim for a PPI refund or retained a firm to act on your behalf it is important that you not become discouraged with this process. In some cases it may take an extended period of time to be granted this refund particularly if the lender disputes your claim and chooses to fight it. The best thing that you can do at this time is to follow the advice of the firm that you have chosen to act on your behalf as they will have your best interests at heart and will only make decisions that have first been approved by you.

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