When taking out a personal loan, opening up a credit card or even taking up a mortgage, many often sign a PPI. However reality is that many are usually unaware of this fact, until they are unable to make the needed payments as scheduled. But what is a PP1?
What Is PPI?
Short for payment protection insurance, PPI is normally sold by financial institutions to their customers as a means to protect them in the event they are unable to pay their loans. This is whether the reason behind it is sickness or loss of job. The insurance sometimes goes by the name unemployment coverage, sickness coverage or accident coverage but can broadly be referred to as credit protection insurance.
How to Get PPI money back?
In the event you have coverage and intend on getting your money back as the need has arisen, getting your claim submitted is the first step. This way information regarding just how much PPI has been sold to you on your loan and the amount payable will be revealed. In the end after the necessary paperwork has been completed, you will receive your PPI refund money back.
How much can one claim?
The amount of PPI you can claim largely depends on the amount of loan and credit card balance you have. This simply means the larger the loan and credit card balance, the bigger the PPI refund. However to know the exact amount you will need to make and offer and add the interest to know just how much you are entitled to. Take into account where you have gotten your mortgage from, all places you have taken loans from and credit cards that you have signed up for over the years. This way if you have ever signed up for PPI, the retrieval process will begin.
How far back can you claim?
In this case also there is usually no set limit. With some, register claims can be made as far back as 12 years with many having a maximum of 15 years. However you will only know whether you can get your funds back by making a claim as far back as you can. This way ensure you gather all your paperwork on the accounts you bought PPI.
How Soon Can You get your money back?
There is usually no set limit on how long it will take to return the funds to customers. However on average the time usually takes about 8 weeks. This still depends on the bank, its procedures and your history with the bank.
Filing a claim
The process of making a claim to get a PPI refund is no doubt long and tiring. In this case to make the process easy using iSmart is ideal. With the services being particularly free, you will not be charged to check whether you have a PPI on your loans. In addition no charges will be brought to you in case you chose another company to file a claim, even after knowing how much you can get as refund. Still with some lenders taking as many as 2 months to respond whether your claim can be made or not, leaving it to the professionals is better saving you time and money. As if that is not enough with PPI scandals affecting many people in the past decade, ppirefund.co.uk will ensure that even after your complaint has been rejected, you get the needed advice on what to do next.Tags: Business, Credit Card, Funds, insurance, investments, money, mortgage, Payments