Your Guide To Payment Protection Insurance (PPI)

When claiming back PPI (Payment Protection Insurance) it can be a difficult time. With a large amount of paperwork to wade through and information to gather, it can be very stressful to get your head around. Fortunately, we are going to give you our guide to payment protection insurance, so that when you come to make your PPI claim you will be as relaxed as possible.

What Is PPI?

PPI, otherwise known as payment protection insurance was put in place by banks should you fall ill as a way to ensure that your loan’s repayments were made on time. However, there has been a huge number of people that have been Mis-sold PPI and have been wrongfully paying for the insurance that they were not in need of. Due to this, there have been billions put aside by Britain’s largest  banks to ensure that all those that are owed money from mis-sold PPI are paid back the sum that they are entitled to.

How Can I Claim Mis-sold PPI?

If you believe that you have been mis-sold PPI then the claims process is very simple. You can either contact the bank directly and make a claim to them, which can be a very complicated process, or you can use a trusted and reliable PPI claims company. Not only will a claims company make the process much less stressful, but it will also help to ensure that you receive the best possible result at the end of your claim. With experienced claims handlers as well as exemplary customer service throughout every step of your claim a no win no fee claims company can be highly beneficial.

If you do decide to use a PPI claims company, you will be required to present information as well as fill out an application form. This will give the company all the information that they need to ensure that they can handle your claim with ease as well as authenticate that you have been completely honest and presented all the evidence in your application.

What If My Claim Is Rejected?

If your claim is rejected it can be for a number of reasons. However, with cases such as the Plevin case, expanding the guidelines you are more likely to have a successful application. Although the guidelines are tougher when claiming back PPI compensation, this can work out in your favour as this will mean it is harder for your lender/ bank to disagree with the evidence and refuse to pay back the compensation you are owed.

What About Businesses?

If you are a business that has been wrongfully charged PPI on a loan you have taken out, you can apply in a very similar way to individuals that are claiming back PPI. Although this may be slightly more challenging to prove with a vast amount of business documents, it is still beneficial to check as you could be paying additional money that is not needed.

With all this in mind, we hope that this guide has helped you to fully understand how to claim back your PPI whether you are a business or an individual looking to recoup the money that you are owed.