The benefits of Payment Protection Insurance (PPI) may have been outlined to you, but is it something you really need? Whether you are applying for a simple loan or your first credit card, each person has their own individual circumstances. That applies to everything from your employment status to your recent financial situation.
If you feel your personal circumstances were not assessed correctly, you may have grounds to question whether Payment Protection Insurance was something you genuinely required.
Payment Protection Insurance is also a complex financial area. All policies carry specific conditions and exemptions. Did you have enough of an idea how these applied to you when first taking out the policy or what potential there was for these to change? The Financial Ombudsman reviewed almost 50,000 cases of alleged mis-selling in 2010 alone. A great number of these will have been due to confusion over how Payment Protection Insurance works and what relevance it had to you when you first took it out.
Reports that individuals may have been mis-sold PPI policies without their knowledge are even more worrying. It is conceivable that you could have got through a significant period of a mortgage or spent years using a credit card without knowing PPI was attached. This can give you grounds to investigate how it could have happened and what you can do about it.
Payment protection insurance may have been something that you felt was a good idea at the time, but did you understand the terms and conditions along with the benefits? The idea of giving yourself that safety net should your personal circumstances change is understandably attractive.
If you felt your job may be at risk, or you were aware that illness could affect your earnings in the future, a PPI policy could certainly be a wise move. It offers the security of knowing that repayments would be taken care of. However, if you were retired or in full time education, was PPI really a necessary expense? The answer is probably no, meaning you are likely to have a good case for applying for a refund to any payments you made with such a policy.
With a company like Brunel Franklin as your guide, making a PPI claim is a simple and transparent process. Sally Bowyer, Managing Director of leading claims firm, BrunelFranklin.com said: “So few people know that they were ever sold PPI that some commentators believe there may be 30-35 million policies in existence, the majority of which could have been mis-sold. If you have genuinely been mis-sold a policy, you should be looking to get back your full premium plus interest, by way of fair redress.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.