What is PPI – Understand your PPI Plan!

A PPI (Payment Protection Insurance) plan is attached to almost every kind of loan available and is so standard in the fine print of contracts you may not even know you are paying it.

PPI is supposed to protect your credit and accounts by paying your payment in the event of a major medical emergency, financial hardship or death. This is not always the case though as they can have stipulations that make them almost unusable or they never need to be used during the life of the loan. This makes these insurance plans seem useless to many who pay for them and the money is wasted in paying for them.

PPI mis-selling is also a problem that has shown up across the financial loan industry. This mis-selling of insurance is unnecessary, illegal and costs you money. Make sure you read all the fine print of any loan you have, if you have PPI plans then ask your loan officer, bank or a financial expert you trust if it is necessary for the type and length of the loan.

If you find you are paying for insurance you don’t need, you can file a PPI reclaim to get your money back.

This trend started with bank charges UK getting refunded and banking clients and companies working to make banking a more user friendly experience, now many are realizing they are paying banking fees that just don’t make any sense.

Bank loan charges can also be reclaimed if you take the time to research the bank charges you’ve been paying and file a claim. You can also work with an experienced agency that has had success in PPI and bank charge claims. They will often fill out the paperwork for you and know the process to help you get the biggest refund you can get in the shortest amount of time. You will need to take a look at your last six months worth of bank statements to find the fees and charges you’ve been paying and add them up. This will give you an approximate total of the refund you can claim. You will also be able to see in black and white the money that you are essentially throwing down the drain just to maintain your bank account, this can be especially eye opening for responsible account holders who never bounce checks or cause problems with their banks.

Vince Samios writes about repossession as well as bank charges.