PPI: Find Out Whether or Not You Have Been Mis-Sold

May 10, 2012 1:00 pmLeave a Comment

Protecting your repayments is what payment protection insurance is good for and with so many options to choose from, you can get to cover your bills in times when you find yourself out of work, injured, sick or made redundant. However, there are lots of instances where PPI has been mis-sold to customers over the past few years that is why millions of people have been filing claims to get back their premiums with added interest. If you want to find out whether you have been mis-sold one, here are some pointers to consider.

The first thing you should ask yourself is whether the insurance company who sold you the payment protection insurance informed you that it is not compulsory to buy one? There were a lot of cases where the lending company told their clients that they can’t purchase an insurance policy without buying PPI so most of their customers have no choice but to get one as well.

Second, did the agent selling payment protection insurance inform you about the exclusions in the policy? For example, did he or she inform you that you cannot make a claim if you have an existing medical condition before you buy this type of insurance policy? If your answer here is no, then you have grounds to file for claims.

Another question that you should ask yourself is whether the agent informed you that you will be paying for the insurance policy immediately and in full upon purchasing? Fourth, if you had to pay for it once, were you informed that the PPI you just purchased will be included in your loan plus interest?

If your answer to these questions is no, then you have been mis-sold one. There are lots of reasons why these companies are not exactly clear when selling payment protection insurance to their customers, that is why there are millions filing claims nowadays. You too can file a complaint if you have been mis-sold a PPI policy. The first thing that you have to do is to send a letter to the lending company who sold you the PPI. If they do not respond, you can proceed to filing your claims in the Financial Ombudsman Service.

PPI is not for everyone but lending companies often overlook this in the hopes of selling more insurance policies. Most of the customers who are claiming their premiums back are often those who are really not in need of payment protection insurance, that is why you should determine first whether you need one or not. Another problem about PPI is that the price is too steep especially when you add the interest rates. Since the usual duration of PPI is five years, there are instances where you find yourself still paying for the interest especially when the loan you took out is longer.

Claiming PPI is definitely a hassle especially when the lending companies are not exactly keen on giving back your premiums along with interest, but thanks to companies such as the PPI Reclaim Company, you can get back what is your due. You should look into these companies if you want to save yourself from all the hassles of getting back your premiums. By simply filling out the forms they have in their website, they will be the ones to process your claims.

Don’t be a victim of mis-sold PPI. Find out whether you have been mis-sold one by following the pointers mentioned above. If your PPI has been mis-sold, start filing your claims today. You wouldn’t want to be paying too much for insurance that doesn’t give you the coverage you deserve.

For more information about reclaiming mis-sold PPI, go to www.ppireclaimcompany.co.uk

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Claim Back PPI on Credit Cards

April 24, 2012 9:12 amLeave a Comment

If you have a credit card then you might have a payment protection insurance or PPI. This insurance is a beneficial policy that can help you in settling your outstanding obligations of debt. The debts are those in the form of loans and overdrafts. Your payment protection insurance is triggered when the rare incident of you being incapacitated arises. When you are rendered unable to work due to sickness, unemployment, disability or death, your this insurance will cover your obligation for a period of time.

Though beneficial, statistics show that only a number of PPI claims are granted. On top of that, the occurrence of people acquiring a payment protection insurance without their full knowledge and consent has become a prevalent trend. Credit companies sell this type of insurance along with their credit products without even informing the customer. Other customers are misinformed that they are required to avail of a payment protection insurance in order for them to avail of the credit product. For some, information regarding the presence of this insurance will be made but the full details and its cost will not be disclosed.

These are transgressions of rights that should not be left unattended. If you feel that one of the above-mentioned underhand  tactics were employed in your acquisition of a credit product, then you are entitled to a PPI claim. If you plan to pursue such claim, legal assistance could be a critical factor in you winning the claim.

Posted in Finance

How to save money as a student

April 4, 2012 8:58 amLeave a Comment

As a student your income will be limited so trying to live on a budget may be hard but not impossible. I am going to show a few ways in which students can save money on everyday life.

The first thing I am going to talk about is food shopping as it is an everyday essential. When it comes to shopping if you are sharing accommodation then why not talk to your roommates and see if they are willing to go shopping with you and combine yours and theirs shopping for example someone will buy the ham and the other will buy the bread and each will share their food together that way the food bill is low but what you are getting is more. This can work with everyday living making food shopping not seem so expensive.

When it comes to night life there are many ways of doing this on a budget for example see if they are willing to do group discount into night clubs and as regards for drink they is always an offer on a wide selection of alcohol so go halves or even quarters with someone and that way you have a great night and minimal cost.

When it comes to learning instead of buying books loan them from you library and if not search the internet for the cheapest price and remember to ask if they do student discount.

When regards to travel if you don’t need to use a car then don’t and use the money to get a travel card or bus card and get the student discount on it.

If you’re looking for televisions programs go Freeview but if you really want to get a sky or virgin then why not go halves with a roommate so as not to cost too much.

When it comes to accommodation try and not do one on college campus as they are generally the most expensive when you can get one just as good or better by looking further away from town or in the town in a shared house.

The most important thing to remember is to budget yourself so you know how you’re going to survive.

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Are You Entitled to Reclaim PPI?

March 30, 2012 4:17 pmLeave a Comment

PPI or Payment Protection Insurances are very desirable and their purpose is very much useful since this is a reassurance that when that time comes when you won’t be able to pay off your debt because of some circumstance, your PPI can help you. But the reality of this marvellous idea is that brokers have taken advantage of this benefit and try to sell an expensive PPI all the time, thinking that it will increase their commissions, which is clearly not what a PPI is for. This article will tackle more on the mis sold PPI and how it affects you and your financial status.

Everyone who has been mis sold PPI must know first the concept of Payment Protection Insurance cover before delving deeper to the technical procedure of the case. This is so as appropriate settlement might be made in case you have an intensive comprehension on the item at hand. Payment Protection Insurance coverage, otherwise commonly identified as PPI claims, is referred to as a branch of insurance that aids and assists policyholders planning to pay out customer’s monthly repayment bills in case he’s hindered to function for over a significant period of time.

In case you have experienced regrettable events like accident, sickness, and unemployment, the insurance policy will then cover your contractual payments on mortgages, credit cards, loans, and other borrowings. In here, the insurance business pays out your monthly instalments all over a specific period of time. On the other hand, you need to take protective actions as there have been a number of PPI claims filed because of mis sold PPI. As you will notice, a PPI claim in itself is good but because of the way of how it is offered it’s got acquired blunders of controversy.

A PPI insurance coverage is considered mis sold PPI coverage when the customer was forced to take out the insurance coverage alongside his principal contract, that the insurance coverage is a mandatory requirement in order for the principal to be granted. Despite the fact that the law has prohibited the attaching of the insurance coverage to the principal contract, insurance provider institutions have undermined such prohibition. Most of the insurance policies have been sold in such kind of transaction. As a result, PPI claims were instituted by the distressed borrowers against their insurance providers.

You cannot blame the customers for acting monstrously after they have found out that they have been mis sold PPI policies. The reason behind mis selling of the insurance coverage was due to the fact that financial institutions have experienced financial crisis that could almost lead to their bankruptcy. They offered the insurance coverage through PPI claims to the public especially to their customers in the hope that they me be able to remedy such problem before their financial problem worsens.

Numerous PPI claims were filed against those dishonest insurance provider institutions who offered defective PPI policies to recover the money paid for a mis sold PPI. Now, if you want to increase your chance in your PPI reclaim, you have to prepare a lot of documents to strengthen your claim. However, even if you have enough documents at hand, you will still need the assistance of a no win no fee claim solicitor so that your claim will not be rejected or placed on hold. Your claim solicitor will assert your right before the insurance company or before the court in case the former does not want to settle your claim outside court. You have to decide now before it is too late.

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