What is PPI?
PPI or Payment Protection Insurance is a type of insurance sold together with a credit loan, a credit card or a mortgage. It is designed to help the people that are taking out loans from a bank to help them pay their monthly rates in case they fall ill or if they lose their jobs and thus become unemployed. The scandal regarding PPI started when people began realizing that they have been charged for this policy even if they could not use it, mostly those that were pensioners or that were self employed. People began reclaiming this payment and thus, many banks all around the world were forced to save billions of dollars to give back to their customers.
How do I claim my miss-sold PPI?
There are many ways through which you can reclaim the PPI you have wrongly been sold years ago. There are many companies out there that can help you claim it back, one of these being iSmart. These folks are willing to go through all of the paperwork and afterwards, help you reclaim the sum of money you have been spending all of these years. You can also do it on your own, but you must have a lot of knowledge regarding to the bank system.
Can I still claim even if my loan was over 10 years ago?
Yes, you can still claim even if you took out a loan 10 years ago. First, you have to make sure that the loan you took also included a Payment Protection Insurance policy. This is done by asking the bank or the company you borrowed from the paperwork regarding your contact. After you have confirmed that you have been miss-sold a PPI policy all these years, you have two options: you can either contact a company that deals with such cases, such as iSmart, and let them take over or you can try to reclaim the money you spent on Payment Protection Insurance all these years. If you agree to let a company take over, you also have to remember that they require a payment, usually 25% to 30% of the total sum, which is usually taken once a case is won and you actually get access to the money that is rightfully yours. With this in mind, there isn’t anything to lose when making this decision, so you can go ahead and find out more about your PPI.