Business owners are always dealing with various financing sources. Odds are, they may have a payment protection insurance (PPI) plan. However, some of these plans may not be legitimate or legal. If you or your business as been affected by this type of financing plan, this post will help you identify and solve the issue.
Mis-sold PPI’s are getting common these days. If you have been under the circumstance of taking a loan, mortgage or credit card, then there are lots of chances that you have got into the mis-sold PPI. Mis-sold PPI are becoming a great deal these days. However, reclaiming these mis-sold ones is an easy process, but only if you know the proper claim deadline for PPI. Are you still wondering what a PPI is? PPI is the short form of Payment Protection Insurance. It is taken by an individual under the circumstances of sudden death, illness and sacking of the employed by the organization having no fault from the employee side. This type of insurance is sold alongside with loans, mortgages, financial agreements and credit cards.
Have I Got PPI?
If you have taken any loan, mortgage or credit card, then there are lots of chances that you have involved yourself for a mis-sold PPI. Mis-sold PPI’s are easier to reclaim under PPI claims deadline. Now, how to check if you have got PPI and if any PPI insurance has been mis-sold? Here are some of the options for checking it out. If anyone has availed any of the above financial services from 1990’s, then there are lots of chances that they have got stuck with PPI’s. These Payment Protection Insurance, which was considered as the boon to the employees at initial stages has worn out now. Some of the most common problems with PPI are mis-selling, PPI cover running out, shorter payout period, over priced and lower coverage levels.
Am I in Mis-sold PPI List?
Are you worried in dealing with the mis-sold PPI’s and their deadlines? There is no need to worry as there are a number of PPI experts who can assist with these financial services. A PPI can be mis-sold to you in case where it has not been clearly mentioned, if it is an optional or mandatory one. Sometimes, the advisor also fails to do his part thereby making the people ignorant about PPI. In order to avoid the above said issues, introduction of PPI claim deadline has been brought into the picture.
The Financial Services Authority (FSA) helped the customers in knowing who the victims of the mis-sold PPI are. These lists of candidates are given time to reclaim their mis-sold PPI’s. Here, banks play a major role in handling your reclaim process effectively within 8-16 weeks of the receipt of the complaint. The agencies who work on helping the individuals to reclaim the PPI doesn’t charge any amount till there is a positive result regarding your PPI. It follows the concept of no win, no fee policy.
Other Things to Know
It is very much important for an individual to follow the deadline for the reclaim process. The PPI claims deadline must be taken into account in order to make use of the reclaim effectively. There are also websites that help you in finding out whether your PPI can be reclaimed or not.
Once you have completed the claims process properly, you will have a little extra capital that can be used towards your business operations or employee bonuses. Certainly, a successful claim means more liquidity for you and your business. Or, you can always looking to other alternative lending options or payment protection plans. Either way, a successful outcome will give you more financial flexibility as an owner.
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