PPI or payment protection insurance is a policy that had you repay thousands to tens of thousands of pounds for an insurance policy you cannot use because you do not need it or because you’re ineligible for it. Unfortunately, 3.2 million customers mis sold with the insurance policy also believe this as well. However, there are great reasons why you should make PPI claims and here they are.
1. You Might Be Owed Tens of Thousands of Pounds
“Roberta’s” PPI claim, a well-known United Kingdom media case study, allowed “Roberta” to receive £16,000 due to her two 10-year owned credit cards having PPI with compound interests. If you have owned your insurance policy for more than ten years, your compound interests may have cost you quite a fortune.
2. The PPI Claims Deadline
The Financial Services Authority is considering the British Banking Association’s proposal of a PPI claims deadline but has declined to make a definite date due to negative consumer reaction. However, to be safe make your PPI claim today; you do not want to be locked out due to the deadline.
3. The FOS Receives 11,000 Claims Per Week
The Financial Ombudsman reports that it receives 11,000 PPI claims per week and has increased its manpower to address the situation. This might be a great number, but if the deadline approaches soon, you’ll be contending with more than 1,500 PPI claims a day.
4. Effective PPI Claim Template Letters
You could make a claim on your own by just finding a PPI claim template letter. Many UK media website feature effective PPI claim template letters that will confuse banks and ensure that you get all the refunds you deserve.
5. No Win No Fee Companies
No win no fee legal sponsors are also available to assist you with making your claim and ensuring you get your complete PPI refunds. Under a no win no fee basis of service, you get good legal representation under a no win no fee basis of service.
