Trying to make sense of the PPI issue might be confusing at first, but don’t worry — we have you covered. What you need to know is that PPI stands for payment protection insurance, and you could be paying for something that is definitely not in your favor at all. You just have to look at your options and make sure that you really know where you stand. Thousands upon thousands of UK consumers are waking up to find that the high monthly payments on loan and other financial products they took out might have partially gone to something they couldn’t use. This isn’t all of the cases, and some people have a benefit from PPI.
PPI is supposed to cover your payments in case you are sick, laid off, or need to take care of a sick spouse, child, or another relative. Instead, this product didn’t serve the purpose it set out to do — a lot of people paid PPI without even knowing it.
Could you have been mis-sold PPI and not realize it? It’s perfectly possible, which means that you should definitely look through your records. If you wouldn’t have qualified for PPI coverage, you can get all of those premiums back.
It’s in your best interest to fight back and file a claim. Don’t wait for the government to try to shut down lenders. That may or may not happen.
Unfortunately, they were taken advantage of, and that’s completely wrong. In fact, you might have multiple PPI policies that were thrust upon you without your knowledge, or thrown at you because you needed to borrow money. Either way you look at it, the chances of you being mis-sold PPI are actually quite high. Therefore, it really is a good idea to see what you can do to get your money back.
Filing a claim to get your PPI premiums back is the best policy that we can think of. If you don’t, the money will just sit there, taken from you. Think about all of the things that you could have done with that type of money. Wouldn’t it be wise to get your premiums back? We think so, but it’s up to you — good luck!