A few years ago, the PPI scandal was all the rage. Everyone was talking about it. Countless news stories surrounded PPI – what it was, why it was such a problem, how to make a PPI claim and why the overselling had to stop. Things have calmed down, but that doesn’t mean that everyone’s PPI free. There are quite a few that were sold PPI and still don’t know that this awful scheme is hiding within their payments. But we’re getting a little bit ahead of ourselves, so let’s back up a bit.
PPI stands for Payment Protection Insurance. At first glance, it sounds like something you’ve always wanted: payment protection in case life takes a nasty turn. However, many people are paying extra money every month for PPI that aren’t eligible for it. For example, PPI doesn’t protect you if you’re self-employed or if you quit your job. It also doesn’t cover any existing unemployment / redundancy claims that you’re dealing with. So, if you were facing a problem at the time the PPI was purchased? It won’t cover anything existing.
In short, this means that you could have paid thousands of pounds worth of PPI and never known about it. Even if the loan is no longer part of your monthly budget, you owe it to yourself to go back and check. Brace yourself; when you realise that you’ve been taken for a wild ride, your first reaction may be to get upset. Try to fight the urge to get angry. It throws your focus on emotions rather than on finding a solution.
Here’s a solution: get a solicitor on your side. PPI can get complicated depending on your situation. We’ve even seen PPI on mortgages, which is crazy. That means that you truly could have a significant amount of money coming your way. But if you don’t have legal representation, it can be hard to get your voice heard. Sure, you can try to “do it yourself”, but let’s face it: do you really have any energy to take on yet another task? Wouldn’t it make more sense to try to take a few things off your plate and see if you could get some of your hard-earned money back?
It won’t cost you anything to find out whether you have a case. The legal teams that handle PPI are confident in their abilities, which means that they’ll evaluate your situation on its merits without needing an upfront payday from you. Arm yourself with the legal power to get things done, and you just never know how much you’ll get back! Remember that if you do have money coming your way, you could have more than you think due to the presence of interest gained from the time the money was held from you. Check it out today!