Have you ever faced such situation when the lender has forced you to buy a PPI insurance policy alongside your loan or mortgage? Has your insurance provider insisted that unless you buy the policy, your loan application will not get approved? If you are also one of those hundreds of victims, who are deceived by dishonest lenders or insurance providers in forcefully purchasing the PPI policy, you can lodge ppi claims to get back the money you have spent on this.
PPI or Payment Protection Insurance comes useful when a buyer suddenly finds himself unable to make the monthly repayment amount toward his mortgage or loan. This can be due to sudden illness, disability or unemployment (due to no fault of the buyer). Then this policy provides financial coverage toward the mortgage repayments for 12 to 24 months. The coverage provided by the policy depends on the premium amounts paid and other terms and conditions. However, many dishonest lenders and insurance providers mislead the buyers into buying this policy. Some are told that in order to get their loan application approved, purchasing this policy is mandatory. Some are told that paying the amount for this policy is part of the loan repayment. The worst case happens, when in spite of being ineligible for a policy, a buyer is forced to purchase one. In the last case, if the buyer happens to lose his job or becomes sick and is unable to repay the mortgage, the insurance provider denies to provide financial coverage on the ground that he is not eligible to get the help. In these cases, a buyer can make ppi claims on mis-sold payments and get back the money he has paid toward the policy.
However, the process involved in filing ppi claims and getting any positive results from it is really tiring. You need to find the document of policy that you had signed. In order to prove that you have been deceived the company/provider; you have to collect all the necessary documents. After this, you can write to the insurance provide claiming for your money. In most cases, you will find computer-generated refusals. But you need to have persistence and go on with the process. You can threaten them that if you do not get back your due amount, you will think about involving media or litigation. Then you might get an answer from the provider offering you settlement money. If the settlement money is too less to meet the expenses you have already spent, you need to take some more stringent steps.
Rather than doing all these correspondence yourself, it is better to take help of professional companies who have skilled and experienced lawyers to help you through this process. With proper guidance you can get back the full payment you have made, along with the interest, agent's commission and some other compensation. Taking professional help will increase your chance of recovering the money.
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