Payment protection insurance claims have become very common in the financial market and the PPI has become one of the most controversial insurance products ever to have hit the consumer market. There are millions of the people out there who were mis-sold PPI and were never told that they are being charged for the PPI as well along with their regular loan or mortgage. Many people who are paying for PPI even now, do not have any idea that they are paying for it and many others who took it, were never fully explained all its terms and conditions for the consumers to benefit from it when they need it most. For many people, buying a PPI was never a necessity but still the sales advisors just for their own monetary interest of getting huge incentives from banks, sold PPI to these consumers who in turn had to pay huge amounts annually for it.
Some of the top reasons to not delay claiming your PPI compensation are –
- You have been paying interest on a loan that you did not choose to take. Thus, you do not want to keep paying for it. Thus, it is best to write a letter to the bank asking for the PPI compensation if you have been wrongfully sold it with your loan or credit card.
- If you have a number of debts, you can make use of the compensation that you receive to pay them off. It will help you clear your debts and increase your savings.
- It has become much easier for people to receive their PPI claims. There are a number of companies that will work on your behalf and you do not have to spend time and a lot of money in claiming your PPI compensation.
It is your hard earned money that banks have been sitting on for long. So, if you think that you do not need PPI or simply want your money back for the wrong practice of selling it in an intimidating manner, then hire a company who has an experience in filing such cases and have dealt with hundreds of similar cases successfully.