Some Facts and Myths about PPI Compensation And Things you Need to Know
When you get to know that you have had PPI all these years without your knowing, then it is obvious that you would feel agitated and enraged, but there is nothing to worry about now that the banks have been ordered by the court to repay their customers. You can get back the amount you have paid towards PPI premium with interest if you follow the claim process accurately.
There are also many myths surrounding PPI that may confuse you, but do not worry as we have got it covered for you here.
Here are some myths that have been circulating about the product and which ones you should believe –
- Many people think that if they have PPI sold to them, they will be provided compensation automatically. But, this is not true. In order to get compensation, there are certain conditions that need to be fulfilled. Even people with PPI type policy can claim compensation if it was mis-sold to them in some way.
- While this may seem unfair to some, it is necessary and compulsory to show that the PPI was mis-sold to you. There are a number of rules and regulations that govern PPI compensation and anyone looking to get PPI compensation has to follow them. But, there are a number of reasons that constitute mis-selling of PPI and thus, there are greater chances of you of getting the money back.
- Many people believe that they cannot claim compensation if they agreed to buy it. There were ways when the PPI was sold to the customers in some way or were forced to agree to. In such cases, people can claim PPI compensation.
Once you know what PPI is and have your facts right, then getting the PPI refund would become much easier and hassle free. People generally get scared of the whole process and end up not filing for claim or getting fraction of what they are meant to. You can calculate how much you are supposed to get back from the bank here.