If you don’t know what PPI is, that doesn’t mean that you haven’t already been affected. Of the millions of people who apply for loans each year, hundreds were unethically sold Payment Protection Insurance during the contracting process. If you have received a loan in the past decade, it’s important to understand the risks you were exposed to, and to work with the best PPI claim company to get your money back.
The Problem and the Best PPI Claim Company
PPI is a legitimate form of insurance. PPI stands for Payment Protection Insurance. Just as its name implies, it is used to insure people against the possibility that they one day may be unable to repay a loan they’re taken out for one purpose or another. Because this form of insurance makes the most sense for large loan balances, it is most often purchased by people who have taken out mortgage, auto, or other large loans.
Just because Payment Protection Insurance is a valid form of insurance doesn’t mean that it is always sold in an ethical way. Banks and insurance companies created a plan during the last decade, whereby they could sell a lot more insurance by having people sign up for it without realizing they’d done so. This was accomplished by burying PPI agreements in the endless pages of mortgage contracts (and other loan documentation). In such contracts, a borrower might have to sign her name two hundred times or more, making careful reading of the entire document all but impossible.
The banks and insurers knew this, and that’s why they chose this location to stash the agreement. Borrowers signed up for insurance and set it to automatically draft from their bank accounts each month, without ever realizing they’d done so…that is, until they noticed the strange payments leaving their bank accounts.
The Best Company to Use for PPI Claims
This is where the best company to use for PPI claims comes in. A host of legal teams started to come together to fight for the rights of individuals defrauded by these large financial institutions. In a series of landmark legal cases, these teams have won huge sums of money for people taken advantage of by PPI sellers.
The best PPI claims company is one who doesn’t ask for payment until the plaintiff has won his case and received his money. It’s a company with a lot of experience creating winning cases for a large number of clients who have solved every problem related to this unethical practice.
That’s the history, but it’s entirely possible that you might be affected, just like thousands of case plaintiffs before you. If you have taken out a loan during the past decade (or even a little bit more), it’s important that you take a careful look at your bank accounts to see if there are mysterious payments. This is a good practice to perform no matter what your goal, but it could really help you out if you happen to have been fraudulently sold PPI in the past. If you find it, become part of a case like the ones mentioned above and get your money back.