Were You Mis-Sold PPI?
If you were sold a PPI policy, but aren’t sure that you needed it, you may have been sold the policy in error. This means that you may have been spending money for months, or even years, that you did not have to spend. You may be eligible for a full reimbursement of the money you’ve paid out.
For a PPI policy to be correctly sold, full disclosure is essential. The representatives who sell Payment Protection Insurance must be sure to explain specific details about the policies to you, including the following:
Explanation of the Process – A full explanation of the policy and how it works, as well as the important fact that the policy is optional.
Explanation of Terms and Conditions – A full explanation of all of the legal language, terms, and conditions that are associated with the policy itself, in clear language that a common consumer can understand.
Disclosure of Total Cost – A full disclosure of the entire cost of the policy, including the monthly payment for the insurance and how much the policy will cost in total over the life of the policy.
Questions about Your Employment and Health – A full discussion of your current health situation, as well as your current employment situation, to ensure that you are not currently disabled and are fully able to pay for the loan and the policy.
If, after educating yourself about PPI, you feel that you may have been mis-sold an insurance policy, it may be time to contract with an attorney. A skilled legal professional can help you file the correct paperwork to ensure that you are fully reimbursed for your policy. Don’t allow yourself to be overwhelmed by the details of filing for a PPI reimbursement. Instead, choose an attorney that can walk you through each step of the process so that you can obtain the results that you deserve.
When you’re owed back payments for mis-sold PPI claims, it’s easy to become overwhelmed by the paperwork and give up on the entire process. However, there are several reasons that it’s a good idea to go ahead and pursue a claim. Lawyers can assist you throughout the claims process, so that you can obtain the money you’re entitled to quickly and conveniently. Let’s examine two important reasons to file claims for mis-sold policies:
If you were sold PPI claimswithout knowing what you were purchasing, or without knowing that the claim came with an ongoing fee, you didn’t receive important information that is required by law. If you have been sold a PPI policy in error, the bank associated with the policy is legally bound to reimburse you. You could have been using this money all along to pay bills, care for your family, or purchase essential items. The faster you file the appropriate paperwork, the more quickly you’ll be able to receive the money that you’re owed.
Reimbursement for Mis-sold Policies Includes Interest
Individuals who are receiving reimbursement for mis-sold PPI claims may be able to receive more money than originally thought. Typically, reimbursement for these claims includes 8-9% interest for the life of the policy. This means that if you’ve been mis-sold PPI, you’ll receive back payments plus this interest. This can add up to quite a bit of money – money that you can put towards a holiday with your family, a university education, or a savings account.
It may be easier than you’d originally thought to obtain a full reimbursement for your PPI claim. These mis-sold policies have cost consumers quite a bit of money over time. Don’t make the mistake of allowing them to continue to cost you – instead, file a claim today.