In some situations, reclaiming PPI back becomes necessary. This usually occurs when the lender has misrepresented your rights as a borrower to get you to purchase this additional insurance. If you feel like this has happened to you, it might be possible to get your money back. One thing to remember is that PPI is a good idea when you have a mortgage, just because the loan is for a greater amount. At the same time, the lender is not allowed to lead you to believe that you have to purchase this insurance through them. You have the right to shop around and find the best PPI to meet your needs. If you feel like the PPI that you have taken on your mortgage is not working for you, it is possible to reclaim your PPI back.
Payment protection insurance is useful because it helps you make loan payments when you are short on cash. When you are approved for a mortgage, it is usually at a rate that you can afford at that time. If you lose your job or have to settle for a lesser job, you might need PPI until you can regain your former level of income. This is only a short-term solution to this problem, but it can prevent you from losing your home if you have to suddenly search for a new career.
Remember that a high number of PPI claims are rejected. This is because some insurance providers do not provide all of the facts involved when purchasing this insurance. When this occurs, it is an example of PPI being mis-sold and is a situation where reclaiming PPI back might be possible. Insurance companies rejecting these claims is one reason why so many people have been scared away from PPI in recent years.
For example, if you cannot work because you have hurt your back, you would think that your PPI would cover you. This is a situation where you would need your mortgage payments covered because you cannot physically work to make the money that you need. If you believed that this would be covered, reclaiming your PPI might be an option for you because your insurance company mis-sold your insurance.
If you feel like your PPI has not done you any good when you needed it the most, reclaiming PPI back might be your only option. This was a major problem in the UK insurance industry for years, as countless insurance companies mis-sold PPI to consumers. The courts ruled in favour of the consumer in this situation, so you do not have to worry about losing your money. You can use a claims management company if you find yourself in this situation, as the company will handle most of the litigation for you. If you thought that your insurance would cover your mortgage under most circumstances, but it did not, look into reclaiming your PPI to get the money that you deserve.
Vincent Rogers is a freelance writer who writes for a number of UK businesses. To learn more about Reclaiming PPI back, he recommends Randall and Vickers Ltd.