When you take a business credit card or a loan from the bank, you get this payment protection insurance or PPI. This is given to the one signing the finance agreements from the financial organization that is offering the business loan or credit cards etc. This ensures that payments are insured for the borrower if he is not able to pay back the borrowed money due to any type of illness or for unavailability of work for earning purpose. There are business owners who are self-employed or who are already retired and would not work anymore. They find this insurance useless for them and they are unable to make a claim for such PPI that were actually mis-sold to them.
Claim Back Premiums
The banks are now starting to identify the customers whom they have mis-sold the PPIs and they are informing them to reclaim their premiums. If you have this question – ‘have i got ppi?’ then you should contact with your bank. The banks will explain to you how you can reclaim the premiums without much hassle. These were taken up by the Financial Services Authority rules and hence the banks are putting up efforts to inform customers about such issues. So now if you cannot pay your mortgage due to your sickness or due to not being employed, you would not have to get tensed about it.
Filling Up Of Forms
Know the way to claim back the premiums as they were mis-sold to you and give the mortgage or the loan amount that is due from your end. You should first check the eligibility against the due diligence checklist that is forwarded by the bank. You will have to find the company that had sold the PPI to you and fill in the details from your end to reclaim the insurance amount. While filling up the form to submit to the company or to the bank, you should provide relevant statements that can summarize your situation and the mis-sold Payment protection insurance to you.
Submit A Complaint Letter
Once you have filled up the form and provided the details and statements, you submit the form with the details to the bank. You will find a complaint letter gets generated and would soon be mailed to you physically to your provider. You may also get an email in this matter and then you can write back to them using the templates provided in the site of the different banks. The banks are trying to make the process easy for their customers and they have taken steps to make it fair and fast for the general people.
Refund Of Mortgages
If you have placed your complain and it has been accepted by the institution, then the organization that sold you the policy would require to put you back in the condition as if you had never taken the policy at all. You would soon receive back the fund or the premium that goes with any mortgages or business credit cards. You are mostly liable to receive a refund and some additional interest of the PPI that was initially yours.
Get Loan Premiums Adjusted Or Refunded
If it were a business loan then the refund will be calculated on the status of the loan, if it is still in being paid back or is already repaid. If the loan is in force then any overpayments made by you will be refunded. If the loan is repaid then the difference will be calculated from your total payments and the resultant amount refunded to you. You may also get an interest amount amounting to rate of 8% of the refund money. You will never find any option to know – have i got ppi – after this, for your bank is responsible enough to inform you all about it once you are ready to listen.
Image from http://money.usnews.com/money/personal-finance/mutual-funds/articles/2015/12/09/why-payment-protection-insurance-is-a-growing-necessity-for-investors