Archive for May 22nd, 2012

Filing for PPI Refunds

PPI refunds are available for those who are eligible. In order to be eligible for PPI refunds the financial institution that you got a loan from or where you opened up a credit card account has to have mis represented the PPI insurance that they sold you. PPI is payment protection insurance and it is supposed to cover your credit card and loan payments if you ever get laid off from your job or hurt and injured so that you can’t work. However, some people were mis sold PPI insurance when they really didn’t need it, nor could they afford it.

People are entitled to a refund if they were told they could only get the loan the wanted or the credit they needed if they also purchased PPI insurance. The High Court has ordered that refunds be sent out to customers that banks and other lending institutions can identify as being eligible for it. If you don’t get a letter from your bank stating that you are one of the ones that deserves PPI refunds, don’t despair.

You can also ask for your refund in writing if you have not heard from your lending institution yet about filing for a refund. All you have to do is find your financial paperwork that shows that you have purchased PPI insurance. You can then write the bank enquiring about PPI refunds. Banks and other lenders have to honor customer requests for PPI refunds. In other words, they are required by law to give Ppi refunds. In fact, thousands of dollars have already been paid out in PPI refunds. Some of the people who have gotten PPI refunds never even knew that they had bought this insurance too.

If you need help filing for PPI refunds you can get the assistance you need through a claims management company. You will have to find your paperwork that documents the fact that you bought PPI insurance before you can file for a refund. People who are asking for PPI refunds need to provide a copy of proof.