How You can Get Your Money Back from Mis-Sold Payment Protection Plans

The business environment has dramatically changed over the years, bringing with it new and challenging risks hitherto unknown to people. Risk, the probability of diverse deviation from expectations is as old as humanity. Over the years, man has struggled with it. Insurance is one of the many ways of managing such risk. It involves effective transfer of risk from a client to an insurance firm upon an agreement of terms and fees (known as a premium). The premium is paid periodically as per the agreement. It could be monthly, quarterly or yearly.

As the population has such vast and varying needs, insurance companies have come up with innovative products to offer to their clients. One such product is payment protection insurance also referred to as credit protection insurance. This kind of insurance cover is taken by people to cover failure of loan repayment in case of unforeseen circumstances. These policies are sold by banks or payment protection insurance agents. The terms and conditions of the policy are usually included in the loan and if one is not careful they may not realize it.

How Can You Make a Claim?

Previously, many people have been mis-sold payment protection policies without suspecting. They are just attachments of the loan and people end up paying for them without realizing. However, this has recently come to the attention of many. People are now becoming aware that they have been carrying the burden of payment protection loan policies.

As a result, there are massive claims by people looking for reimbursement after being mis-sold such policies. After determining whether you have a payment protection loan or not, there are two ways in which you can claim them. You can claim as an individual or you can use the payment protection insurance claim agents. One way of determining whether you have the policy is through approaching your bank or loan provider and inquiring from them.

Individual Claiming

Performing a direct claim is easy and is recommended if one has the time to do so. It involves picking up and filling out a number of claim forms from the ombudsman office. The ombudsman is a special office for the protection of citizens’ interests. In this case, it is the ombudsman finance office. After dully completing the forms, the victim should submit them to their bank for action.

Use of Brokers

Alternatively, if you don’t want to do it all the long and arduous work alone, then you can engage the services of a broker. Payment protection insurance claim agents take it upon themselves and pursue the claim on your behalf. However, this is not for free, as their client you have to pay them service fee.

PPI claim agents act as a third party and help get the money you deserve. One of the key advantages of using an agent is that they have experience performing such claims and know the best way to get your money back. Large companies might give an individual claimant the run-around, but with an agent you have someone to do all the legwork for you. Some services are also offered on a no win, no fee basis.

Thousands of people have been mis-sold Payment Protection Insurance. This means they are paying an inflated insurance premium when they needn’t be. THe great news is that you can now claim back some of the money you have lost! Visit Payment Protection Insurance Claims for professional advice on what your next step should be.

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