As your monthly bills keep coming through and you job income seems to be more at risk sometimes it can be very handy to have some form of protection.
If you have a loan, credit card or a mortgage then you may have been advised to take out some protection to safeguard you against some event where you would be able to make your repayment such as
- Unable to make repayments due to illness
- Loss of employment
- Accident that lead to loss of job
PPI will cover the policy holder or holders for a set period of time general between 12-24 months of any successful claim. As you can see if you are in a situation where you lose your job and are unable to make the repayments this could lead you into debt.
As PPI could be a life saver it could also be a waste of money for in some cases PPI was sold to customers who either didn’t need or want the policy in the first place or were made to feel that they wouldn’t get the loan, credit card or mortgage if they didn’t take out the policy.
The main reason how you can tell it was a mis-sold policy is when you go to make a claim and you are rejected because you don’t meet the criteria. As you think about why someone would sell a policy you couldn’t claim on it down to the fact that when you needed to claim on it you was reject because you don’t meet the criteria. The answer is quite simple you were mis-sold the policy so that the lender can make money off the policy.
If you have been in this sort of situation then you could be owed money and should seek a reclaim as soon as possible and one of the best ways to do this is to contact a ppi claims management company to get their expertise in seeking reclaims and relax in the knowledge that you have experts on the case and will make the claim for you and deal with all correspondence on your behalf and the main benefit is that you don’t have to pay any fees out of your own funds and they will claim there fee from your compensation.
If you are in arrears or an IVA or debt management program then I would advise you to seek out a reclaim yourself because if you are awarding any compensation then you could find that the money is used to reduce your outstanding balance and you would then need to pay the claims management company out of your own funds.