Reclaiming Payment Protection Insurance It has been seen that a huge number of PPI are mis-sold and end up in customers vehemently vouching for a reclaim.
(prHWY.com) October 16, 2012 - Newcastle upon Tyne, United Kingdom -- Reclaiming Payment Protection Insurance (PPI) is usually marred with lot of controversy and hassle. It has been seen that a huge number of PPI are mis-sold and end up in customers vehemently vouching for a reclaim. Though it might look like just sending the concerned authority a letter stating the refund, but in actual PPI refund is a daunting task in more ways than one.
It is important to know every detail about the PPI before taking it from the banks. Banks offer loans for house, cars, education etc. to the customers. Along with this, PPI is offered as an add-on advantage for the consumers. PPI is nothing but a kind insurance that is given to people in anticipation of a situation where in the client fails to repay the loan amount due to some unforeseen circumstances like death, accident or loss of payment. In such cases the PPI takes care of the entire loan amount and repays it to the bank.
Reclaiming PPI is not easy and has many strings attached to it. It is very important that you understand the loan papers along with PPI documents carefully before filing a PPI claim. Claiming a PPI not only mean claiming the principal amount but also the interest that is attached to it. If the loan amount has been paid then claiming the PPI amount is relatively easy with repayment of the amount with its statutory interest. But claiming PPI with an ongoing loan alongside is a difficult and complicated task. In such cases the solicitor advises a settlement where the future cost of the PPI is calculated and all interest charges are taken off. At the same time, if the borrower at the time of the PPI claim owes any amount to the financial institution, they will generally have a contractual agreement and right to write off any PPI refund against the debt. If there is any PPI amount pending, then the balance will be repaid to the PPI Solicitor and or the client.
Statistics over the years have shown that PPI has one of the highest numbers of rejected claims all over the globe. The reason is because this insurance is sold as an add -on with the loan and many a time the customer is oblivious of the fact that he has actually purchased a PPI until he starts paying the premium. Hiring a solicitor in such cases is highly advisable as he understands the finer nuances of the reclaiming policy at large, thus making the fight a lot easier.
http://www.paymentprotectionclaim.co.uk/
Opening Hours:
All 7 days of the week from 8:00 AM to 9:00 PM
Admiral PPI Claims
555 Shields Road
Newcastle upon Tyne
NE6 4QL
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