Typically payment protection insurance lasts for five or six years. If you are taking a loan that's lasts more than 6 years you will end up paying for the insurance that is already expired.
(prHWY.com) October 16, 2012 - Glasgow, United Kingdom -- Payment protection is a boon to people who can work or ill. If you fall sick, met an accident or made redundant, your PPI refund is there to take care of your expenses.
How to understand if you have a PPI to refund
Check the paper work sent to you when you took a loan. If you can't make head and tail out of it, contact your lender or your finance provider. They will help you to understand if you have a PPI to reclaim.
What are the problems that can happen to your insurance?
Mis-selling: This is one major problem consumers across the nation face. Self-employed people and students can't reclaim such PPIs.
Over-priced: Adding PPI to a £7,500 five-year loan could cost an inappropriate additional £2,000-£3,000
PPI cover runs out: Typically payment protection insurance lasts for five or six years. If you are taking a loan that's lasts more than 6 years you will end up paying for the insurance that is already expired.
Low cover levels:In some cases, the insurance only covers minimum monthly paymentmeaning that your balance may never go down.
Short pay-out period:PPIs that come with credit cards ,mortgages or store cards are for a limited period and will last only for 12 months.
How to claim PPI Refund
Claiming PPI refund is a long process. You have to do a lot of paper work if you are doing it yourself. The process can consume lots of your time and energy. If you miss one document the chances of getting your money back is thin. The best thing you can do to reclaim your money is to hire a service provider. The service provider will be able to take care of all the paper work for you. They will help you with all the documentation and will ensure that the process is taking the right legal route. When you make your claims through a company you increase your chances of getting your fund back.
The best part of going with a PPI Claim Company is that most of the times, they won't charge if the PPI claim is unsuccessful. This happens only when you have no win-no fee agreement.
How To Find The Best PPI Refund Company
Finding the best PPI refund company can be a tiring task. You need to ensure that the service provider have all the expertise to take care of the job and is a reputed service provider. LuckilyPPI Expert is one such company.
http://www.ppiexpert.co.uk/
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