PPI stands for payment protection insurance. For people who have taken out a maximum amount of loan in the past five to six years, there is a very good chance that you have this payment protection insurance which is attached to your loan. While this payment protection insurance (PPI) can be very important and it is needed for certain kinds of loans, recently found in the financial world, that most of the lending companies had either mis sold their PPI or charged maximum for payment protection plans or insurance than was needed. Many such people are really unaware of the major fact that they can easily claim back a considerable amount of their interest and premium amounts. This article will give you with some important questions which you really want to ask before deciding to file a payment protection insurance claim
How to find whether the PPI has been Mis-sold?
Most of the people are unaware that their PPI has been mis-sold by mistake. There are many PPI claims management companies are available can really help you out in this issue and they will make you to know of the other similar PPI policies that you can take and which can produce the result in a maximum refund. So you should not hassle in filing a PPI claim and consult with an expert management company which helps with this problem.
What is the Actual Time Duration for Filling PPI Claim?
The average time duration or time span for filing a PPI claim is actually 6 years but if you have retained proper records or documents to your original PPI policy, then in this case, you can claim such PPI even after the expiry of the general time limit (i.e. 6 years) mentioned. Management companies like haveigotppi.org.uk can also assist you in getting your loan document or record from the money lender in case you have misplaced or lost your PPI.
What is the Amount of Compensation you can get?
The compensation amount which you can get under the PPI claim usually differs from person to person as the cases are also distinct. Generally, the management company does not provide guarantee success but they improve your chances of getting compensation. In case of some successful claim, you may be able to claim all the cash paid under the PPI policy along with the loan interest till date. If your loan amounts are still in progress, then these claiming amounts will be deducted by amounts which are being applied towards the PPI policy. Finally if the loan amount has been settled completely than all of the loan compensation will be received in amount.
What will be the Compensation Period?
There is no any special fixed time period in which PPI claim compensation can be received. You can expect that the claim is settled within few days and depends on the complexity of the case, the period may differ, and some cases may go for a long period as well.
What are the benefits you can get from PPI Claim Companies?
Most of the people are unaware of the real fact that there are several policies provided by PPI companies and such policies are related to compensations. Haveigotppi.org.uk can really help you out to avail such kind of policies and they make sure that your PPI claim is successful. They also assist you to save your strong effort and precious time as they themselves deal with the policy provides and in case if they fail, they won’t charge you, so the best way to claim PPI is by PPI claim management company.