Claiming Your PPI Compensation

Many of us don’t know about Payment Protection Insurance or PPI. PPI is a product sold by financial services companies to provide protection to people against unexpected changes in financial circumstances. Borrowers take out PPI, thinking that they would be able to meet their loan repayments should they unfortunately have an accident, fall ill or become unemployed. Certainly, PPI can provide protection for some policyholders if they are sold correctly. However, based on the research conducted by consumer watchdogs, the FSA has raised very serious concerns regarding sales practices across the whole industry. The leaders in the industry are putting their profits ahead of the interests of the consumer.

Generally PPI is overpriced and often sold to the wrong people. Many cases have been reported to The Citizens Advice Bureau (CAB) where consumers didn’t realise that they had purchased PPI as salespeople had automatically wrapped it up into their repayments. PPI adds between 13% - 56% to the cost of a loan. Sales staff of the service provider company have often failed to explain the costs and repeatedly added the price of PPI automatically to repayment quotes. Another surprising fact is that only 4% policyholders ever claim on PPI and every 1 in 4 claims is rejected.

You are eligible to claim for compensation if you were pressurized into buying PPI or you were under the impression that PPI was compulsory and it would increase your chances of getting a loan. You can also claim if the full costs of PPI were not made clear to you or the PPI was added without your knowledge. You can take the help of many claim management firms in managing your payment protection complaints. These firms help you in filing your payment protection claims against Missold Payment Protection Insurance policies and getting the payment protection compensation. The firms save you from hours of form filling. They ensure that the insurer doesn’t fob you off and that you are treated seriously and fairly. They also challenge the provider in case they find that the provider has calculated the offers too low.

You can also take the help of these firms in cases of endowment misselling, pension complaints or reclaiming bank charges. These firms fight your case with your banks to recover bank charges. They assist you in opting for better pension transfer options. These firms also provide other services such as will writing services, or giving advice on inheritance tax planning. In case of will writing, they guide you in every step of making a Will thus helping your family members avoid paying huge amounts of inheritance taxes.