Consumers who are using financial lending institutions to borrow money are often told by salesmen that they can easily be approved for financing if they purchase a PPI policy as part of their loan. This, however, is not true. Financial institutions are now finding they must offer PPI refunds to these unknowing consumers. Banks, credit card companies, car dealerships and insurance companies are now complying to federal regulations to settle PPI claims. There are 5 things you must know to be assured of receiving a PPI refund and they are as follows.
1.) There are many claims management companies who will tell you that they can get faster refunds of PPI claims. They also tell consumers that they can get larger refunds but this is not often the case. While one claims management company asks for an upfront fee, another will tell consumers they only charge on a win-win basis. Before hiring a claims management company be cautious about paying overpriced fees.
2.) According to consumer reviews it may not be necessary to hire a claims management company to get a PPI refund. Consumers can contact their lending institution themselves and have as much or more success as a claims management company getting their refund.
3.) PPI policies are often overpriced. If you have purchased a PPI policy in the past 6 years you may be entitled to a refund. A word of caution to those who have needlessly purchased a PPI policy is do not make the same mistake twice. Be sure to read the fine print before signing any contracts.
4.) There are millions of dollars of PPI claims refund money available and if you don’t file a claim you many lose out. PPI claims refunds are being made and there are lending institutions who are paying refunds with interest. File now to get your money back!
5.) Claims management companies act as the middleman between the consumer and the financial institution and they often make promises that they cannot keep. Be cautious about paying upfront fees when hiring a company such as this. There are many cases where consumers never received a cent after paying a fee for the services of PPI claims management companies. It may be more effective to file the claim yourself.
Financial institution and salesmen often tell their customers that their chances of acquiring financing will increase if they choose to purchase a PPI policy. It is not true! PPI policies are also sold by insurance companies and lending institutions when they are not needed. If you paid for a PPI policy as part of a loan then you may be able to reclaim PPI money that you spent needlessly.