Losing your hard earned money on anything that you have been missold is quite upsetting. In order to prevent it, here are a few tips that will assist you to reclaim your money you’ve paid on mis-sold PPI. Many people were mis-sold PPI for taking out a loan. Payment protection insurance basically helps in covering your loan repayments that you can’t make it when you are ill or unemployed.
So, here are a few money management tips that will aid you in reclaiming mis-sold PPI.
What type of benefits that you can get by reclaiming mis-sold PPI?
Some of the advantages of claiming your mis-sold PPI include pension credits, income support and housing benefits. There are also free calculators available online to assist you in figuring out the amount that you can claim for benefits.
SimplePersonalLoans is one of the leading companies that are registered in Wales and England. You could also visit their website to get any assistance on budgeting, saving money, home finance tips or recovering.
Savings in ISAs
In this scheme, a person can get up to £1,200 each year in the form of free cash amount from the government. According to the ISA scheme, for every “£1” that one puts in this scheme, the government gives you reward with 50p. So, not just you are saving, but also gaining good returns on your savings.
Lost bank accounts and savings accounts
There are several free of cost online services in the market using which you can easily reunite with lost bank accounts and savings. This saves you from forgetting several hundreds of pounds that you could have owed. There are around two million child trust funds that are due to the trustee.
How does payment protection plan got mis-sold?
Payment protection plan is a kind of an insurance product that is sold with loans, credit cards and other forms of financial agreements. This plan ensures payment to be made on a continuous basis, even when the borrower fails to make the payment due to unemployment or sickness. A large number of such policies got mis-sold and people aren’t aware if these policies were mis-sold PPI or any other thing.
Checklist of PPI mis-selling
For people who are in confusion, whether or not to make a PPI claim for their mis-sold PPI should refer to below checklist.
- Did your insurance advisor tell you about any significant exclusion under this policy?
- If on taking out any finance or loan agreement, did your advisor made that clear that you would need to pay for your insurance amount upfront in a single payment?
- Did your advisor clarify that the insurance cost will add to your loan and you will have to pay interest on it?
- You have the right to complain if you find that your insurance advisor has earned a good amount of commission from the PPI and it wasn’t made clear at the time of purchasing it.
So, these are some of the helpful tips that you need to know at the time of re-claiming your mis-sold PPI.