Do You Have A PPI Claim?
Payment protection insurance, also known as a PPI claim, is an innovative way to defend the economically vulnerable from falling into financial ruin as a result of unforeseen circumstances like a job loss, but all too often simply result in wasted money that people generally don’t even know about. As a result these policies, in practice, simply end up providing the various banks and lenders that run them with extra profit at little or no cost, and offer very little benefit to the individuals who actually hold the policies.
This situation is a result of several unfortunate factors. The first, perhaps most drastic, is that over 90% of PPI policies have been inappropriately sold to clients who are either ineligible or unaware that they have a PPI claim. Many banks used to automatically include a PPI policy in all of their loans and credit cards, and a large percentage of the people holding those policies were either never told about it or informed that the policy was a mandatory condition to receive the line of credit.
The truth is that payment protection is an option program, and anyone who was sold a policy under misleading circumstances may be eligible to receive all of their money back, plus interest. At the very least they may be able to receive the benefits of those policies if they have fallen on hard times as a result of the current struggling economy. There is even a good chance that you, yourself, have a PPI policy on one of your old credit cards or a previous loan. Check through your contract with your lender to see if they included a PPI policy with any of your loans, credit cards, or mortgages. If so you may be able to either reclaim the money you inadvertently spent on premiums, or have access to a significant relief if your situation happens to change. It’s worth a look!
