Stories about Payment Protection Insurance (PPI) are everywhere we look now. We are repeatedly told about how it is quick and easy to make a claim with phrases like ‘hassle free’ and ‘no win, no fee’ bandied about regularly. Many people simply ignore the waves of TV, radio and newspaper advertisements about PPI however, thinking it is just the latest scam or believing that, like with most easy money pay-outs, it would not apply to them.
PPI applies to more of us than you might think however and the reason there are so many success stories stems from the fact that it honestly can be as easy as the adverts make it sound to claim back hundreds – and more commonly thousands – in money that rightfully belongs to you.
What Is PPI?
The reason why many people choose to ignore the news about PPI is that they do not understand what it is and so think it will likely be confusing and of no interest or relevance to them. It is however, fairly straight forward.
PPI is a type of insurance that is sometimes added to payments when you are borrowing money – like with a loan, mortgage or credit card. It was introduced as a means to ensure that payments could continue to be upheld should the recipient suddenly be unable to work through illness or unexpected redundancy.
Why so many Complaints?
On paper, PPI sounds like a good thing; so you may ask why so many people have been complaining and claiming their money back.
Well, it recently emerged that many banks had been charging people for PPI without telling them. Having been mis-sold, people had been paying for months – sometimes even years – for insurance that they either did not want, need or even know about. The issue become far less about the benefits of having PPI and more about the dishonesty of the banks.
Why would it be Relevant to Me?
While for some it was that they had been told the PPI policy was compulsory and for others it was that their policy failed to provide them with adequate cover; the very fact that the majority of people who were forging complaints and claiming a refund were people who had never intentionally bought PPI is what makes it so important to claim.
Banks have wrongfully taken millions from the pockets of unsuspecting consumers and this is why it is relevant to everyone. Almost any one of us could have been mis-sold PPI but we just do not know about it yet. Checking your policy or monthly bills could well reveal that they have been taking an additional payment from you in order to provide you with this unwanted PPI cover.
Why Should I try and Claim?
Last year, more people than ever went to the ombudsmen to complain about PPI. A free service designed to solve financial disagreements; they have been inundated with people hoping to be refunded the huge sums of money that their banks have taken from them without prior permission.
This in itself is why you too should make a claim if you believe you are a victim of mis-sold PPI. Taking money from consumers without their consent is essentially stealing. Sitting back and allowing them to get away with it when you have been wronged sends out the message that they could get away with a similar scheme in the future. If everyone who had money wrongfully taken were to make a claim – be it individually or by seeking help from a professional claims service – we can collectively make a stand against the poor judgement and unfair actions of the banks. Not only will we be reimbursed what is rightfully ours but we show the banks that we will not allow them to take advantage of their customers anymore.