So many of us have been paying for payment protection insurance on our credit cards, loans and mortgages without even realising it. For the majority of us we may be entitled to £7,000 in PPI payments we have made over the years, do you know how to claim PPI back?
Luckily there are companies who specialise in getting our hard earned cash back for us. Though you’re probably wondering why this is, but for the past ten years PPI has been offered if you got a new credit card, loan or mortgage.
The majority of the time you weren’t even told if it was included in the amount you pay each month, but there are so many exclusions, that you could be paying for something you will never use.
The payment protection insurance policies have lots of medical exemptions and exclude pensioners, students and self-employed people. You probably weren’t told this when you took it out and have been paying up to forty per cent more each month for an insurance which you can never use.
Misrepresentation
You probably feel that you have been robbed. You pay a small fortune every month for this insurance that cannot be used. This is why UK banks have put millions aside to repay people that have been paying for this type of insurance.
Often people were not even told when the policy was added to their documentation or application, the costs were not clearly explained, the policy doesn’t cover the entire loan amount and they may be excluded so they will never be able to take advantage of it anyway.
How to Claim PPI
Claiming back is easier than you think. You can contact a specialist company by telephone after checking your loan agreement or credit card statement and seeing that you are paying for the policy. The company will send you a claims pack for your approval and signature.
Once you’ve signed the claim forms and dated them you post them back to the company who then go ahead and claim your money back for you.