Some loans are known for their hidden charges and one of this is the famous PPI. Most often than not, this is offered to loan providers. Those who feel that the process was not offered appropriately, seek to reclaim the large amount that they have made for PPI payment. And the entire process is known as ppi claims.
You need to know that PPI comprises 10-35% of the total money that you borrowed. Can you imagine paying this amount on top of the cost that you need to dispense for the money that you borrowed? This means paying bigger amount than you need to. If you discovered that you unintentionally paid for these types of insurance, you need to start the process of claiming the money that is rightfully yours. And you must do this as early as you could. However, not all people are eligible for PPI claims. Your employment and health must be thoroughly reviewed. The process how the insurance was offered will then be reviewed. If it has been proven that that PPI was mis sold then you are entitled for the reimbursement of the total payment that you have given. However, the criteria are very specific and if you will not meet them then there is a likelihood that you cannot claim back the money that you have paid.
Do you know that the inability to provide enough information when the insurance was offered can be your basis to file for ppi claims? Clients must be aware that PPI benefits can only be enjoyed by full time employees. Hence, when you dont have a job and work on a part time basis or become self employed, you cannot enjoy PPI benefits. A lot of other factors need to be considered when filling for PPI claims and you need to know all of them so you can exercise your rights as a consumer. So may as well think about it.