How to claim a refund when miss-sold a PPI

Payment Protection Refunds

It is a very common procedure to offer people with a payment protection policy when they apply for a loan. The idea behind such a policy is to help a person to make the loan repayments to the bank when he is not able to do so. The reasons for not being able to return the loan to the bank are many including health issues making the person unable to work, accidents or unemployment. In such conditions, a person can claim the payment protection insurance company to help him with the remaining installments.

Due to evident reasons, many people decide to take such a policy without even checking the things covered by them. The result is most of them are left disappointed when they claim for payment protection refunds and are told that this is not covered. However, with the increasing number of such cases, the financial authorities have started scanning these policies and taking care of the interest of the consumers.

It is seen in many cases that the consumers are miss-sold a policy. They are told that it is compulsory to take this policy or the loan will be cheaper if this policy is taken along with the loan. In such cases, a person can seek refund from the insurance company. However, trying to claim refund of the PPI policy is not very simple. These companies often deny from any claims made against them especially when they know that the claiming person does not know his rights.

The most common way of claiming refunds is to write to the bank from which you got the policy. There are certain conditions to be checked to make a person eligible for the refund. The first condition to be checked is the age. The person’s age should be between 18 to 65 years. The second factor is the employment. All the past records of employment will be checked via the different firms for which the person has worked. The person has to provide all the evidences regarding his statements that he was not informed about all the alternative policies and was not asked if he is already possessing the same kind of policy. Thus, getting a refund of the policy solely by the consumer is very difficult. As the bank people are familiar with such claims, they will have a hundred reasons for denying for the refund.

The best way to get payment protection refunds is to contact a claims company. These companies have well experienced people with a detailed know- how of such cases. They will carefully investigate your case and ensure that you get your refund. These companies provide fast and convenient methods to ensure refunds without any hassle for you. Many companies operate on the no win, no fee policy under which you are not charged until you get your claim refunded. These are the best ones to choose as getting the services of such company will ensure that you are not going to lose more money and you are given a risk free choice. You just require applying to them and they will take care of rest matter.