Thousands of people are affected by the new financial phenomenon called mis-sold PPIs, but what really are PPIs? In definition, PPI is short for Payment Protection Insurance, it is a type of insurance that aims to help you during times when you can't pay off your debt due to some accident or any other instance that could hinder you from getting salary out of your work. But nowadays PPIs are usually abused by its brokers, selling off these insurances with thinking only about themselves and their commission and not about the benefits of the consumer. If ever you feel like you are experiencing a case close to this then it is advised that you are informed about PPI claims.
What you need to know about mis-sold PPIs is that these are unlawful and the brokers are highly unauthorized to make or give these out to clients. PPI claims are made by people affected by the injustice that these PPIs cause, this is optional of course. These claims are useful and very advantageous for consumers, in this case this would be you, and a PPI claims can help you regain what you have financially lost because of this insurance.
Now that you know that you may have yourself a mis-sold PPI, you may also need to know about PPI refunds and what you can do to get them. Here is how this works: check how much you owe your bank. Your bank can release your financial statements or you can get them online, it all just depends on your bank's policies. Consult your lawyer when it comes to legal proceedings, this move is best since your lawyer could give you some useful legal advice. Everything you have to do to reclaim your PPI is going to need a legal proceeding, it may be long and quite tedious, but it will be a fight worth your sacrifices.
It is highly distressing knowing that you have a PPI but it is actually mis-sold and at the same time you have been paying for it for hundreds to thousands of pounds. Some of the people who have mis-sold PPIs have made their respective PPI claims and were successful, so it would probably be easy for you to reclaim PPI knowing that others have done it too. This way, you know that there is a stout chance that you can actually get back what you have given financially because of these wasted PPIs that were even expensive than their actual debts to start with.
If you ever have a mis-sold PPI then you are better off informed of the benefits of making a claim. In the light of all this, PPI claims will be able to help you regain the hundreds of pounds that you've lost due to this injustice.
Tracey Bullman specialises in ppi refunds and other financial products for UK based http://www.ppirefundsuk.co.uk/. He also covers unfair mortgage charges and the financial claims industry generally, as well as writing articles on personal finance, house sales, repossession and business finance.
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