Having an insurance product is an investment for your health, financial safety and the future of you and your family. But if you’ve taken out an insurance policy that will not provide the benefits it promised you because you were mis sold the insurance policy by your insurance broker or other commission based financial adviser, you might find yourself in trouble. However, you can still make a claim to get back all the refunds you deserve.
PPI is designed to provide 12 months of loan repayments for customers who find themselves unemployed or needing time off from work to recover from accident injuries or sicknesses. PPI has many variants, including the mortgage payment insurance (MPI) awarded to mortgage applicants with notable credit scores, and income protection insurance
Today, the banks have lost to the Financial Services Authority (FSA) who had established new claims guidelines to ensure that every UK citizen with a PPI complaint gets compensated. The banks have now placed £3.2 billion for a compensation package, which increased this year with £4.2 billion, to repay all those mis sold PPI. The FSA also called for banks to alert customers who haven’t made a claim yet.
PPI has actually cost you £3000 on average during the time you were repaying your loan, mortgage or credit card. The amount you lose might be more than this particular amount. The only way you can reclaim your refunds for a mis sold PPI policy is through the help of a claims expert.
A claims expert can advise you about what details you need for your claim upon consultation. They can also handle the entire claim for you under a no win no fee basis of service. If you find that you don’t have time to spare in making a claim, having a claims expert from a renowned PPI claims management company is a very effective solution.