Insurance

The PPI industry is paying for its crimes. Consumers have been informed and they are unhappy with the way that payment protection insurance has been sold in the past decade. Millions of policies were sold to customers without proper explanation or legal disclosure. In addition to heavy fines, financial services companies are paying out reclaim premiums to customers who were mis-sold their policies. The process for reclaiming this money that is rightfully yours is a fairly simple, and free, process of writing a few letters. There are even templates and step-by-step instructions on claims advisory group websites.

Some people are receiving thousands back in reclaim money. You may not have even realized that you have a PPI policy on your debt vehicles. PPI, or payment protection insurance, is a policy that provides payments on the loan in case the borrower cannot make the payments due to an injury, illness, or unemployment. There are a great many exclusions and limitations that some experts say make PPI a bad investment. Also, some consumers have an existing policy that already provides this type of coverage, making a single PPI redundant. But the biggest problem is not in the actual product, but in how it has been presented to the consumer.

In an effort to hide the actual cost and make a lot more money, banks have automatically included the policy in with loans, such as mortgages, car loans, home improvement loans, personal loans, or credit cards. FSA rules require that insurance policies on the loan must be offered as a separate product and signed for separately from the loan papers. A claims advisory group website or phone conversation can help you determine if your PPI was mis-sold to you. If it was, then you are entitled to funds back from the company at fault.

Because some banks and financial services institutions are dragging their feet in repaying these claims, it is best to get your letter in as soon as possible. The first letter is to the bank or loan issuing institution. There are templates offered online by claims advisory group professionals to help with this process. If the bank is unwilling to give you your rightful money, you simply move up the chain of command, going all the way to the Ombudsman, if necessary. The sooner you get the process started the sooner you will have the cash in hand that you were overcharged.