If you have ever had payment protection insurance, but think that you might have a case to reclaim the money you spent on it, then you?re not alone. Our guide looks at a few different scenarios in which this might happen and why you should reclaim your money. One reason is that if you have been mis-sold payment protection insurance, then it makes sense to claim your money back because you might not have wanted or needed the product in the first place.
Another reason to try and claim back any money you might have spent on payment protection insurance is because you weren?t actually eligible for it when it was sold to you. If this is the case then you would never have been successful if you tried to make a claim so it shouldn?t have been offered to you in the first place. This most commonly happened if you were unemployed or self-employed at the time you took out the loan as there are strict conditions here.
When you take out payment protection insurance, it is the lender?s responsibility to explain it all to you clearly. If they failed to do this then you might have been sold a policy you didn?t actually need. If you weren?t in possession of all the information then you should definitely start a case to reclaim your money. For instance, if you were told that PPI was compulsory with your loan when in fact you should?ve been allowed to opt out, you should have a good case.
If you think that you have a case to claim back your payment protection insurance, then don?t hesitate to get in touch with your lender to put the process into motion. After all, it could potentially be quite a lot of money at stake, particularly if your case goes back for a few years. It could even add up to thousands, and that is money you really can?t afford to turn your back on. If you don?t make a claim then it will just stay as profit for the lender.
One last thing to think about if you are not sure whether you want to make a claim to get back your PPI is the fact that you might well be entitled to do so, and the principle of the matter is important. Even if the amount of money in question is only small, if you are entitled to it then you should get it back. You don?t need a solicitor and there is a precedent for reclaiming PPI so there?s nothing to lose in applying for your money back.
*Disclaimer* This information should be used as a guide only and should not be relied upon as the sole source of information on this issue. We cannot be held responsible for any loss, inconvenience, damage (whether special or consequential) or claims arising out of the use of this information.
Learn More : HSBC PPI
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Source: http://home-family-parenting.info/reclaiming-ppi-advice-from-an-expert/
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