Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Reclaim Payment Protection Insurance

By Connected Claims Subscribe to RSS | January 11th 2012 | Views:
loading
 
  



When taking out a mortgage, personal loan, credit card or store card, it’s most likely that you have come across certain insurance policies to cover your repayments if for some chance you are unable to work or made redundant. These insurance policies are known as PPI (Payment protection insurance). However PPI have gained bad press over recent years due to a mis-selling scandal in which Payment protection does very little protecting. So how does one reclaim payment protection insurance?

If you think you have been mis-sold PPI then the first step to take is to contact your bank or whoever arranged your loan and insurance, to revise the policy and highlight why you deserve a refund. Many organisations offer help and advice with this initial approach to reclaim payment protection insurance with sample letters and in-depth advice. Your bank will then accept or reject your claim within 8 weeks. However it’s worthy to note that most banks may be receiving new claims whilst working on existing requests to reclaim payment protection insurance.

In most cases however, you needn’t contact your bank. Banks are legally obliged to contact their customers if they have reason to believe they have been affected by mis-sold PPI. Some have recently promised to repay all affected customers on a "no-quibble" basis. Some reasons for mis-sold PPI can be down to banks systematic failures such as:

• Call centre staff giving the impression that borrowers will only be accepted for their loans if they signed up for PPI

• Training staff wrong

• Automatically including the cost of the policy in the loan repayment quote

Even though Banks are obliged to contact you, it is still wise to proactively seek to reclaim payment protection insurance due to the number of new claims or if your situation isn’t being looked into.

The main problem with PPI is that there are over 20 million policies within the UK alone which generate billions for credit providers. Insurance is not included in a loans APR. So it may appear cheap on the surface. Also, premiums are often placed on the front of the loan so you end up paying the interest on them during the loan period. Some claims don’t even allow you to make a claim after the 12 month period whilst you continue to pay your premiums.

Some companies offer services to reclaim payment protection insurance in which you discuss your eligibility and where you were mis-sold PPI before being given a complaint letter to forward onto your bank or loan provider.

Connected Claims - About Author:
Payment Protection
Mis Sold PPI

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/insurance-articles/reclaim-payment-protection-insurance.htm

Related Insurance Articles Subscribe to RSS

What precisely does Credit card debt help signify and just how can it benefit me?
Published by Deby Suportie on April 2nd 2012 | Finance
Credit card debt help is a support offered by lending companies to help those who are struggling wit...
 
Before you make proposal for debt settlement
Published by Rajkumar Kaushal on April 27th 2012 | Finance
How would the world look without making debt Settlement proposal? The answer is not far-fetched beca...
 
How creditors help you in learning more about bill and debt consolidation
Published by Joseph Goins on May 18th 2012 | Finance
People facing high bill problems can find a solution and relief through bill and debt consideration....
 
Writing a review on debt settlement
Published by Rajkumar Kaushal on April 30th 2012 | Finance
Have you been having problems with your Debt Settlement reviews Now your worries will now be a thing...
 
Credit card debt Relief- There is Hope of Relief Yet
Published by James Blee on December 22nd 2011 | Finance
Some people after receiving their credit cards do not know how to use them wisely. As they are easy ...
 
Setup your own backend debt settlement office
Published by John Taylor on December 26th 2011 | Finance
It’s best to pass on all your tax settlement issues to a competent tax settlement backend. These b...
 
Process of debt recovery in turkey within the Turkish law
Published by Rosa on November 26th 2011 | Finance
The process of debt recovery in turkey follows the Turkish Enforcement Law. Any legal entity in fore...
 
Stay away from the traps of the student debt
Published by Peter Paul on December 15th 2011 | Finance
The student debt can be avoided at all costs. Here are some tips to stay away from the traps of the ...
 
Overcome student debt at the earliest with professional assistance
Published by Peter Paul on December 22nd 2011 | Finance
Student debt can leave you devastated. It can hamper your entire professional and financial future i...
 
Profits of using TAXAS debt relief
Published by James Blee on February 14th 2012 | Finance
In economics language, Debt relief means to get relief from all the debts. Today, In USA debt relief...
 
Making debt settlement customized
Published by Rajkumar Kaushal on April 27th 2012 | Finance
Debt Settlement personal is important because they are options that would make your debt reduced dra...
 
Making debt settlement easier with groups
Published by Rajkumar Kaushal on May 15th 2012 | Finance
Debt settlement forms and articles have become what a lot of people are making use of when it comes ...
 
How to live free of debt in California
Published by Rajkumar Kaushal on May 15th 2012 | Finance
You must have seen debt settlement tips today or days back online. This is debt information for the ...
 
Credit Counseling: Your first line of defense against crushing debt
Published by CVGiCanada on January 11th 2012 | Finance
Your Toronto credit counselor is someone you have to have a great deal of trust in. These profession...
 
Exactly what is a debt management program and just how can I get this service?
Published by Deby Suportie on February 15th 2012 | Finance
This article provides information about debt management program and it's significance in today's tim...
 
Financial advice on Capital management
Published by Abhijeet on January 30th 2012 | Finance
The appropriate admonition in looking addition that can advice your business or aggregation to the a...
 
How can i get dependable credit card debt advice and exactly how could it benefit me?
Published by on March 27th 2012 | Finance
Credit card debt advice is a program provided by debt companies to help those people who are battlin...
 
Loans from debt settlement banks
Published by Rajkumar Kaushal on May 30th 2012 | Finance
In the beginning Debt settlement IIc firms that take care of loans started with products that were f...
 
Articles that make firms better in debt settlement
Published by Rajkumar Kaushal on May 26th 2012 | Finance
Debt articles and firms that care of debtors is one of those debt settlement we see when it comes to...
 
How can I get Debt Reduction? How can a debt plan help me repay my debts?
Published by Deby Suportie on March 28th 2012 | Finance
Debt reduction is a program provided by debt companies so that those who are struggling with debts c...