What Did Payment Protection Insurance Cover?

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Payment Protection Insurance was put in place to cover credit repayments, such as loans, credit cards and mortgages the cost of repayments should the borrower be unable to work due accident, illness or redundancy. become ill or lose their job and be unable to pay back the money they owe. While this was a perfectly innocent policy, in theory, it was often mis-sold to borrowers who were already ill and who would’ve been unable to claim, or to those who were simply unaware of having the policy at all.

While it is beneficial for those who required such insurance, it was wrongfully sold to thousands of people across the United Kingdom. This is a problem for two main reasons; not only were these companies wrongfully selling this insurance as part of loans, but they were also making a shocking level of commission from this, meaning that many were paying more than they needed too as a result.

However, knowing whether or not you are entitled to this compensation can be challenging and many fail to put forward a claim due to wanting to avoid the hassle of getting in touch with their bank. Thankfully, finding out whether or not you are eligible to make a PPI claim is no longer a headache; while you can contact your bank directly to find out if you are eligible to make a claim, you can also use a PPI claims company to make a claim on your behalf to help save valuable time.

How was this mis-sold?

If you decide to not use the aid of a claims company, there are a number of online templates you can choose from, but many underestimate the stress of claiming PPI compensation without some form of support. In addition, the process of tracking your claim can be time-consuming which can lead to additional stress. To save experiencing sleepless nights, get a PPI claims company such as Moneyback PPI to do the all of the hard work for you.

When deciding which claims company you want to opt for, it is not only important to look at the cost of claiming PPI, but also the number of people that have won a claim through the company in question. By doing so, you can decide whether or not there are faster, more successful alternatives. Taking a look at online reviews and at the PPI claims company’s website can help you determine whether it is the right PPI claims company for you.

If you have applied before the deadline but do not hear back in time, do not be alarmed! Your claim will still be processed and, if eligible, you will receive the money you are rightfully owed.

With this in mind, it is crucial that you apply for PPI compensation before the deadline on 29th August 2019 as you could risk missing out on large sums of money. After all, the bank or lender won’t come to you!

If you’d like assistance in submitting your PPI claim, feel free to get in touch with our team. Alternatively, fill in our claims form online, today.