PPI Claims – Have you claimed your cash back?

December 20, 2011 · Posted in Finance · Comment 

PPI or Payment Protection Insurance has been under the consumer spotlight for the most part of 2011. Its awareness has been one of the key players in the financial industry of the 21st century and with 2011 coming to a close, it starts the section of the year where we begin to make goals and resolutions to motivate us for the New Year. What could give you a better start into the New Year than some extra cash courtesy of the bank?

Payment Protection Insurance has been generating windfall payments for millions in England and across the UK. This unexpected cash has been helping people to fulfil goals like, going on holiday and buying a new car all year and further improve their lifestyle with home improvements and other positives that the extra cash can provide. It is thought that around 20 million people were affected by the mis-selling of PPI in the UK and millions of people have already managed to claim theirs back. Nobody knows the overall average refund but the closest it can be calculated to is around 7000! People are using this extra cash to make the most of the financial crisis that hit us this year.

These refunds bring little happiness to some people when the whole mis-selling escapade has caused them to lose their lifestyles and even their houses. Many people we mis-sold this PPI and soon after realised they couldn’t afford the extra payment on top of the price their already paying. Others didn’t even know that the insurance was being added to their loan. Whilst many were sold a product that they couldn’t even use due to their self-employment or pre-existing health problems (two circumstances where you would really need PPI).

So for many people they are receiving their money back and this is a positive thing, they’ve received a refund on a useless product, plus they got all of the interest they’ve paid on top of the PPI and in some cases people are even getting an extra 8% statutory interest in way of compensation. It’s not been a positive experience for some people but hopefully the refund of their PPI should bring some self-satisfaction and peace.

2011 has been a promising year for many in terms of their finances and with many families enjoying their winnings; it’s been a positive one too. With the average time of 8-12 weeks to look into a loan or credit card for PPI, you don’t have a lot to lose. It’s wise to look into your finances sooner rather than later as this insurance can only be claimed back within 6 years of you taking out the loan/credit card. So get it claimed back!

If you haven’t managed to get your PPI Claims in yet. Make sure you find a reputable firm willing to do the work on a ‘no-win, no-fee’ basis and will only charge you upon completion of a successful claim!