Reclaiming Mis Sold Payment Protection Insurance

By Author: Yossarian Smythe
Total Articles: 25
Comment this article

Payment Protection Insurance ppi claims is a best choice for people in case of any emergency. A number of people around the world have chosen this as a result of its payment settlement in time of needs. People should get this ppi claim if they have enough knowledge about the terms and conditions. If you get a ppi claim without understanding the rules and laws you may fall into trouble. You may not know what exactly ppi is, but you should know because there is a chance you were of mis-sold it and you may reclaim your money back. Your policy may turn as a mis-sold policy because the lender is the one who make you to purchase certain policies. Some of the policies recommended by the lenders are worthless and they may turn as a burden to you. Before getting the ppi claim make sure that it has sold to you with the proper details.

Before going for a ppi claim have all these in mind. If the policy was sold to you without appropriate information then it is a sign of mis-selling, so you have to be careful of this. Lenders mainly misuse this policy in order to add high profits and this makes a huge loss to the borrowers where ...
... they can obtain zero money at the end. The main trick the lenders make the borrowers believe that if they don't choose ppi they would fail to apply for any type of loans in the future. The hunger for money has turned the ppi lenders to turn the policies into a mis-selling one.

The result of ppi can never be expected. So if you are willing to get a ppi, consult an economic expert before getting it. They give suggestions and guide you in the right path and if you are cheated they will help you to file a case against the lender and get your money back. To reclaim your ppi first make sure that you have a valid claim. Once you have confirmed this gather all the necessary information need to file case against the lender. Send a request to your bank or lender to repay your money, if they deny repaying approach a firm specialist in reclaiming funds or you can forward your request to Financial Ombudsman Service.

This is important because you know the policy is mis sold and so does the lender, getting the Ombudsman involved will help to resolve it. If you feel like you need help get a no win no fee solicitor involved to help you. There is a big chance that when you reclaim PPI, you will get the refund as the ombudsman has handled many cases of this kind and up to 80% have been successful.

The author is a solicitor helping people who are reclaiming their ppi after being mis-sold. The author has written many articles on the topic reclaiming ppi claims.