Payment protection insurance or PPI is an insurance plan offered by various insurance companies to take care of your debt repayment when you are unable to make payment due to illness, unemployment, injuries or any other reason mentioned in the PPI policy. Due to this important benefit, more and more people in the UK buy this useful coverage. Unfortunately, many individuals are wrongly sold a PPI policy. Most of the lenders sell this policy without informing the borrowers. Similarly, many lenders, especially banks and credit card companies pressurize their clients to buy this coverage while offering credit cards or loans. The good news is the UK law has passed a provision which enables people to make a ppi claim based on mis-sold PPI policies.
How to claim mis sold PPI
You can either make a claim in a do it yourself manner or take the help of the best claiming company that assist you in getting your money back. Many companies are engaged in providing reclaim services. These companies do all the legwork associated with reclaiming your PPI refunds on mis-sold PPI policies.
In exchange for their services, they charge their fees. If the amount of refund is small, it is advisable to proceed in a do it yourself manner because many companies charge upfront fees to get your money back. The cost of their services may recoup your amount on PPI refunds. On the other hand, if you owe a huge amount of money from your lender, hiring the services of a PPI refund company may be the best alternative to reclaim your dues.
However, various factors have to be taken into account while hiring any such company. Many companies are waiting to rip you financially. If you fail to hire a suitable company, you could end up paying more than your PPI refunds. First of all, make a list of reputed companies that are popular for providing quality services at affordable fees. Ask within your friend's network those who have hired the services of a reliable company might be able to help you with this.
Your associates at your place of work as well as your relatives might also offer the much needed information about PPI claim companies. Similarly, trusted folks in your neighboring areas might also come handy in this matter anyone who has got PPI refunds with the help of a reputed company will recommend a relevant company. Internet is another handy source of locating reliable PPI refund companies. Browse the net, and make a list of reputable companies that offer affordable services.
Check out the background history of these companies by surfing online review sites read real time customer testimonials listed on review sites. Companies that get maximum positive comments and feedback on review sites are genuine and worth considering. Obtain extensive details from these companies about their services as well as charges thereon. Go through the fine print and clarify all possible doubts with each company similarly, identify hidden charges and any upfront fee that may add up to the cost. After assessing different companies, settle with the company that helps you to get your PPI dues without charging much for their services.