Perhaps the most talked about topic in insurance services during the course of the last five years is the subject of payment protection insurance claims.
Most of the major, huge financial corporations have all integrated payment protection insurance into their product sales over the past decade, meaning that a huge number of people who have taken out insurance policies over that time period have been sold a product that they didn’t necessarily need in the first place.
From the courts’ (judicial) ruling in may 2011, it was decided that the banks’ and other corporate bodies who have engaged in the miss selling practices must pay compensation out to the people who have had these policies that they didn’t actually need.
This is/was the beginnings of the ppi scandal, and now?…. the bill for these payouts to consumers has risen…. to £22bn pounds!
SO What Does This Mean For The Readers Of This Article?
It means that if you have been miss sold payment protection, you can claim it back through this piece of legislation that was passed at the start of summer 2011. You are eligible to claim back ppi insurance because of the Judicial ruling!
It is a process that can take a couple of months to complete, however it is possible to get your money back with the help of this company who specialize in ppi claims. They have had rave reviews from customers that have used them so consider those if you are interested in claiming using a claims’ management facilitator.
If however you decide to make a claim alone, that is also fine (however claiming by yourself can be problematic due to the unforeseen issues that can spring up concerning these particular types of financial claim).
How Can Claiming By Myself Be Problematic?
When you take matters into your own hands with regards to your own refunds, then what can happen is you can find yourself in a situation where you are spending a lot of time chasing up with the banks and other corporate bodies in an attempt to push them into further action (many banks have proven to be slow at processing claims, some say due to high volumes of complaints by the public about this miss sold insurance product).
What Should I Do Next?
Take your time, make sure you have all of your paper agreements to hand, and begin an investigation into the components of your policy, check your repayments also, that is important because that could indicate whether or not you have had this insurance attached to a policy, or if you haven’t.
The best way to proceed is the most informed way, so make thorough checks with your agreements and seek the advice of a trained professional.