The payment protection insurance is a great product or policy when implemented properly. The policy covers against the inability to make regular payments towards credit facilities due to the likely occurrence of unemployment, sickness or incapacitation. However, most banks have used this product as a means to make easy money from unsuspecting clients. While some loan customers remain ignorant of these shortchanging ploys, it is possible to launch and defend a claim that will result in actual repayment. One of the most common questions on ppi is how do i know if i have ppi? However, before this occurs, it is important to identify whether one has a PPI
Get all facts together
If one has ever accessed a credit facility from a bank, a credit card company or a mortgage financier, one can use their bank or credit statements to see whether they have previously contributed towards PPI. Moreover, they may trace back to the credit facility processing to see whether they were mis-sold the PPI policy without their consent. Also, it is prudent to understand whether they were forced unwillingly into committing to the PPI by clauses by the lender or missing by the salesperson or officers.
Inquire with the lender
Approaching the credit card firm, the mortgage financier or bank would be a prudent way to find out whether a PPI policy was applied for a loan. This will inform the client on when the premium began trickling in, how much was paid and the amount to be claimed. However, care should be taken to avoid unprofessional conduct.
Use claim firms
Claim firms have proper knowledge and skills as well experience in handling PPI claims and complaints. Hence, by soliciting for their professional advice and services, it becomes easy to establish whether one has a viable claim. It there exists such an arrangement; the claim firm can sum up the premium paid to amount to the claim to be paid by the lender.
Products sold with a PPI
One can know when a PPI was imposed to cover their credit repayments on certain products. Several financial products such as credit cards, personal loans, mortgages, store cards, overdrafts attract security regarding a PPI cover.
It is very easy to access credit statements through professional service providers such as Equifax, Experian, and Callcredit. These firms will inform their clients on whether a PPI was imposed and the type of PPI policies imposed such as credit insurance, credit protection insurance, loan repayment insurance, payment cover, protection plan, loan, protection, loan care among others.