Getting a loan or a credit card has never been easier today. With less paperwork to process, banks have been getting a lot of people to sign up and loan more money. But on this rush of getting a loan, you probably have signed up for something else you most likely don’t know about.
A PPI, or a Payment Protection Insurance, is a product that was sold along what you signed up from the bank. Basically, it’s the banks insurance that they can still get paid if there comes a time you got sick or unemployed. However, recent court findings have called out the banks for selling this insurance. As it turns out, people are apparently paying for something they don’t need. In this case, a refund is due, and all you need to do is make a claim.
But when are you supposed to make a claim? Having theses bank products most likely means you have signed up for a PPI too, without knowing it.
- Credit Cards
- Car Loans
- Hire Purchase (HP)
- Store Cards
Read the fine print of your contract with any of these loans. If you find out PPI Claims Company is included, it means it was mis-sold to you and you have been paying extra for a product you don’t need. In this case, you are qualified to make a claim.
What if you were informed about it, but was told that getting a PPI is “compulsory”? This example still falls as mis-selling, since PPI was never compulsory to begin with. You can actually get that loan without getting the PPI
But even if you knew about it, and even opted to have a PPI with your loan, you are still qualified for the claim. In 2014, a court ruled in favor of Susan Plevin, who said that she willfully signed up for PPI but doesn’t know about the commission the bank gets for one, which amounts to 71.8%! This amount of commission makes the bank profit so much from the PPI without any real benefit to its buyers at all.
So get those papers ready, make that claim, and get your money back now!