If you signed an agreement which had something called payment protection insurance and you weren’t really sure what it was, you can claim money back, as this insurance raises your loan for up to 40% (this isn’t an amount you want to ignore). Getting your money back and filing such a claim takes quite some time, a lot of paperwork, and nerves of steel. Luckily, there are specialized agencies that can do this work for you. Now, before we talk about how to claim ppi, let’s see what ppi actually is.
What does PPI stand for?
PPI is payment protection insurance. This insurance can be sold with your loan, mortgage, or any other means of crediting. It will cover your repayment if you are unable to do so yourself, in case you get fired, or have an accident, or something else renders you unable to pay your loan back. Even though this is a good thing all in all, many payment protection insurances are sold to people without their consent. There are several ways this can happen – from being told you will have more chances to be accepted if you take payment protection insurance, to not knowing PPI is only optional, not mandatory, and so on. If you had no idea about PPI the moment you sealed your contract, you have a pretty strong case to get the money back.
PPI and claims
In order to get the money back, you will have to file a claim for it. Many credit givers won’t settle with this though, meaning you will have to take some legal steps in order to get your money back. As this takes time, and many people just don’t have enough time to do all of this on their own, you can ask for some help from specialized agencies that handle such claims. Pick an agency you find good, that has good reviews, and preferably many successful cases behind it. Also, make sure they have the No win No fee policy, as there’s always a chance you won’t manage to get your money back, so there’s no need to spend money if you didn’t get it back, right? People who work in such an agency will take all the paperwork away from you, and you won’t have to worry about it from that point on, they will handle it on their own. All you have to do is wait for the final decision and results.
Best way to find a good agency
As we have already mentioned, finding a good agency can be hard sometimes, but we will tell you some tips that are applicable to most agencies out there: many satisfied customers, many successful claims, a friendly and helping staff, and good reviews on the web. If you check all of these and find a good agency, try it out. If they manage to get your money back, stick to them, they know what they are doing, and should you need such an agency again, you will know who to call.