PPI claims allow people to reclaim money from loans if they lost income and had to pay for unnecessary loan protection insurance. People took out loans that required they pay for Payment Protection Insurance (PPI) without understanding it. Banks profited from PPI but failed to pay out claims. The document explains how to start the PPI refund process, which can be done by filing paperwork yourself or hiring a lawyer. People have up to six years to submit a claim, and the government is forcing banks to pay billions back to customers for mis-selling PPI policies.

1. How to do a PPI claim?
Lately in the news you can’t see anything else just the Got talent and the PPI scandals. It seems that ish
hit the fan and people are outraged that banks have taken advantage of them. It has started in 2011
when the media revealed that many banks have cashed in big time with the PPI claims. And they were
forgetful enough to not pay back people. As soon as people heard the news they started filling PPI claim
refunds
What is PPI anyways? PPI in banking terms is a loan protection policy. This concept was evented in case
of a sudden loss of income. Let’s say that you take out a loan for 5 years and after 3 years you suddenly
get laid off. Now if this were the cays then the PPI will cover the loan payments for a while. This all nice
and dandy but there’s a trick for all this. PPI means that you have to make a bigger initial deposit and
also some companies have conducted fraudulent PPI allocations. For example they have asked for loan
protection from people who would normally don’t need one.
Besides these let’s called them honest mistakes the lenders forgot to pay the people back when the loan
has been paid back in full. So if you have taken out a loan and you had to apply for PPI and you haven’t
been refunded yet start the process. There are two ways to go if you want to get your money back. First
you can lawyer up and start the proceedings from there or you can go solo. Before you go donw on
either of the paths you will need to find your original documents with the loan and the payment
protection. Even if you can’t find them you shouldn’t worry banks are required to keep the original
papers for a long time.
Usually if the loaning process has happened in the past six years you can get your money back
somewhat easier and faster. But don’t despair if you have taken the loan out more than 6 years ago you
will be getting your money back as well.
If you have been watching the news you know that the government is forcing banks to pay back billions
to the people. It seems the old saying still rings true the more you steal the less chance that you will be
caught. But right now the banks got too greedy and have gotten caught.
As closing words I would like to say that if you have taken out a loan and you were forced pay the PPI
and you haven’t used it. Then it’s time to reclaim that money which is rightfully yours. For more
information on how to get your money back visit www.ukppiclaim.org.uk for extra details. Also the
website has a lot of useful information if you plan to go the lawyer way. Hopefully you will manage to
recover your money really fast. Don’t let them get away with your money.