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4 PPI Facts.
Now that the Payment Protection Insurance (PPI) scandal has been exposed for what it is, it’s time for consumers to take stock of their situation. If you are among those who were unfortunately taken advantage of by being made to unwittingly buy a PPI policy, understanding important facts related to PPI can help greatly in putting your mind at ease.
Knowing the facts can also help you regain your trust in financial institutions, and restore your confidence level in insurance dealings.
Assumptions are Not PPI Facts
Some are embarrassed to admit that they are among those “foolish or careless enough” to have been mis-sold a PPI policy. But foolishness or carelessness has nothing to do with acquiring a PPI unwittingly.
Fact 1: If you were not aware that you were being made to buy a PPI policy at the time of loan, mortgage, or credit card application, then you were deceived. Being deceived does not equate to foolishness or carelessness. The responsibility for the deception falls on the deceiver, not on the deceived.
Fact 2: If you were told that buying a PPI policy was mandatory in order to get a loan, mortgage, or credit card, then you were coerced and exploited. Again, it is not your fault that dodgy business dealings were made a part of a transaction that you were entering into, in good faith.
Compensation is Not Done “Across the Board”
On the other hand, there are those who welcome the exposure of the PPI scandal because there is now a way to reclaim the money that has been lost, along with interest. At this point, it’s important to clear up any assumption regarding how much can be reclaimed by consumers affected by the PPI financial scandal.
Fact 3: Not everyone will get the same amount of compensation. It is a case-to-case basis, with the computation based on several factors, including what you have been paying for your loan, mortgage, or credit card bills, and the interest, the length of payment, and factoring in whatever amount it is that you have been paying for the PPI itself.
It can seem complicated, so, it would be good to consult with a claims management company, such as Paxton Willis. The expertise of a competent claims management company can help you hurdle the computations and get you the best compensation in your case.
What to Do When You Don’t Have Proof at Hand
The assumption that you don’t stand a chance for getting a successful PPI claim if you have forgotten who you dealt with regarding a loan, mortgage, or credit card, stands on weak ground.
Fact 4: Even if you don’t have documents at hand, you can still file a successful claim through an expert legal firm or a competent claims management company that can track down for you any PPI-related information in your entire credit history.
Keep in mind, the reason that you will be engaging a legal firm or claims management company is so that you won’t have to be burdened with additional stress trying to figure out how much you can claim, and whether or not you can file a claim.
You were already put at a disadvantage by shady PPI marketers and the institutions behind them. Take out the present complications and future headaches rooted in a shady PPI policy from your life by letting our legal experts handle the problem for you.