PPI (Payment Protection Insurance) is an insurance product sold by the banks and other credit lenders to the consumers so that it provides them with a cover during a time when they are unable to work. However, for a long time, these PPI policies were mis-sold to many consumers by not being transparent to them about the various clauses of the PPI policies. The sales personals didn’t make it clear to the borrowers that a PPI policy is being added to the credit product. Many consumers, who were not covered under PPI such as retired professionals or a person running a business, were also sold a PPI policy. There are situations where the PPI policies were sold at a very high commission which again, the consumers were not aware of.
For this matter, many consumers have filed a complaint about reclaiming PPI refund over the past few years. The Banks have also started to pay PPI refund money to its customers. However, there are some steps which need to be followed by the customers to reclaim PPI compensation for the mis-sold PPI policies they bought from the banks unknowingly or by knowing just a little about it.
There are many instances that PPI claims by the consumers were rejected before by the banks. FCA (Financial Conduct Authority) has launched a new set of guidelines under which the consumers can file a complaint about reclaiming PPI refund and get the money back which they have spent on the PPI policy along with its interest.
Hire Claims Management Companies
The easiest way to go about reclaiming PPI compensation is by hiring a claims management company. They have all the knowledge and the expertise to file a PPI claim and help you in getting the PPI compensation easily.
CMC (Claims Management Companies) Check If You Had a PPI Policy
They can help you with reclaiming PPI first by checking whether you had a PPI policy. And if it was mis-sold to you by your bank or the credit lenders. There are many clauses under which the PPI policies were mis-sold to consumers as they were either not aware that they were being sold a PPI policy or they were misguided by the sales professionals.
They Work on “No Upfront Payment “Basis
The Claims Management companies work on a model where they do not charge you any upfront payment. They first check if you had a PPI policy. They calculate the PPI refund amount which you would get from the banks beforehand, by using their PPI claims calculator.
No Need to Pay them, If You Do Not Get a PPI Refund
The authorized PPI claims management companies in the UK work on a ‘’No Win, No Pay” basis. They do not charge you anything if you do not get a compensation after reclaiming PPI refund.
Commission for the CMCs
The authorized companies such as “Moneyback PPI” charge only 10% + VAT, which is only 12% and they work on a no win no pay basis. They also keep you posted about the status of the PPI claims at each and every step. So, you will know how much you will get and when you will get the PPI refund.