Payment protection insurance is one of the most sold insurance products yet not talked about it much. There is a reason behind this as most of the consumers who were buying PPI never knew they were buying any such products. The banks as well as other financial institutions providing loans, mortgage loans and credit cards, used to include PPI in the final contract very hideously and thus, used to include the PPI premium too along with the monthly instalments. It has happened to millions of consumers in the last few years and thus, even though the product itself is very good and invaluable, it has become ill famed for the practices used to sell this product.
However, the malpractices exercised by banks and other loan issuers, made PPI one of the most controversial insurance product ever as it was told to consumers that buying PPI will increase the chances of loan approval, or that it is compulsory to buy PPI along with the loan, mortgage or the credit card or the issuers simply included the PPI premium along with the loan premium without the knowledge of the consumers. These practices were brought to light recently and this is why many people are going for payment protection insurance claims so that they get their hard earned money back and if at all, they need PPI, they can buy from somewhere else where they get better, reliable and affordable rates.
Here is how you can get back the money you deserve the first time you make a claim without being rejected –
- You should ensure that you have all the documents that you need to show that you were mis-sold PPI. By having your documents in order, you can make sure that your claim is successful.
- By reading the experiences of different people on the internet regarding claiming of PPI, you can avoid many mistakes that the made in claiming their PPI.
- You can use the online PPI calculators to help you calculate the right amount of compensation that you should get.
It is best to hire a PPI claims company to help with payment protection insurance claim compensation. These companies have the experience and can save you a lot of time and effort.