In the United Kingdom, about 64 million PPI policies were sold.
If you were part of the millions who bought PPI and got scammed, you can always file a PPI claim.
But what is it and how do you file it? Keep reading to find out!
What is a PPI Claim?
Payment protection insurance (PPI) is also sometimes known as credit insurance. It’s insurance that ensures that even if the borrower dies or loses their job where they can’t pay back that debt, they’re still protected.
Often, these payments will only cover about twelve months, and they may even be marketed as a type of income.
This is not the same as income protection insurance because that isn’t specific to the debt you owe. You can get PPI from banks or other credit providers, but there are many scammers out there as well.
How to Make a Claim
If you think that you’re a victim of PPI, you should make sure that you submit all PPI claims before the deadline. Call your local bank and ask them what the deadline is.
The deadline will likely be set by the Financial Conduct Authority (FCA). You should start the process as soon as possible so that you make sure you can receive your money.
Fill Out Paperwork
The first step you should take is to fill out all of your old financial paperwork. You should make sure that you gather all of your statements that apply to that insurance.
However, documents could be listed under another name, like your card protector, account cover, your loan care, or your mortgage cover.
If you find those on your paperwork, you’ll be eligible to file a claim.
After you’ve gathered all the evidence you need to show that PPI was sold to you under false pretenses, you can contact your lender or bank. However, make sure that you also know how it was mis-sold to you.
Some banks will require you to come in person to file a claim, but many of them let you file it online as well. If you can’t do either, you’ll have to write a letter that has all of the relevant information.
You’ll need to have your PPI policy number, the time you bought the product, and your full name. Be prepared to be asked to provide more evidence as well.
If you’re still confused, you can click this link for more information and other claim advice.
Learn More About a PPI Claim
These are only a few things to know about filing a PPI claim, but there are many more things to consider.
We know that filing any type of claim can be stressful, but we are here to help you out!
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