Payment protection insurance is a factor that plays a vital role in helping you in your tough times. It covers your payments of loans as well as credit cards if you are away from your work as a result of an accident or loss of job. Many people in the recent past till date might have received letters from their banks stating that they have been mis-sold payment protection insurance sometime in the past. The customers who have be mis-sold PPI plan are eligible to start a reclaim process where they can get back a part of compensation or sometimes completely. The customer can lodge a complaint and can get the reclaim process done. This campaign was started to help those individuals who have paid for PPL coverage even without knowing that they have actually paid for it. It is important that you know what has to be done if you received a letter from the bank or if you have been ignored by the authorities though you have lodged a complaint. You also need to know what has to be done even if you have not received a letter from the bank and you came to know about it through some other means. If you suspect you have been mis-sold a PPI, grab all the required document and know the complete truth of the PPI plan you have been involved.
How to Know You Have Been Mis-Sold A PPI
If you suspect that the PPL plan has been mi-sold to you then makes a PPI claim. There are number of reasons through which you can understand that you have been mis-sold a PPI. Some very common factors being as follows.
A pushy sales man might force you to take a PPI plan without even explaining the advantages. He might just charge you and you end up paying huge money without any result.
If you were told that insurance is compulsory they sure you were mis-guided. Check all the documents very quickly to reclaim the money you have uselessly spent.
If the quote itself is provided to you by including the insurance, they something is fishy. Read all the terms and conditions before signing on any page. Do not blindly trust salesman. It is their job to make money from you. Insurance is optional and no one can force you to take it. Including insurance in quotation is absolutely not acceptable. Do not make your ignorance spend huge money. Get some knowledge before you choose to take a loan.
If you were provided with an insurance plan without getting to know about the work you are practicing currently, i.e. if you are a self-employed person, or retired or a part-time employee then you are surely mis-guided.
If any of the above mentioned things has happened to you, then you are mis-lead and mis-sold a PPI plan. Consider filing a PPI claim as soon as you come to know that were triggered using the concept of PPI. In order to increase the chances of being successful in the process of claim, produce all the valid documents.
Calculating PPI
If you have reached in the safe hands, you can claim PPI without any kind of obstructions. Using the PPI calculator, calculate the amount of your PPI claim. There are many websites in the World Wide Web which provide PPI calculators. The customers can use them for free. The information which the customer provides to calculate the PPI is used by the PPI companies. They try to contact you and convince you to make use of their service in getting a PPI claim. Visit ppiclaimscalculator.org.uk to calculate the PPI.
