Should you be considering a PPI reclaim from a loan or credit card?
If you have ever taken out a credit card, hire purchase (often abbreviated to just ‘HP’) or bank loan, then it is entirely likely that you will have been offered Payment Protection Insurance (known as the abbreviation ‘PPI’) at the same time. The principle of Payment Protection Insurance is a sound one; in the unfortunate event that you are unable to meet your repayments, either because you have lost your job, been made redundant or have been injured or are ill and unable to work, then the Payment Protection Insurance will continue to make those payments for you.
Why are so many people undertaking a PPI reclaim?
Whilst the principle of Payment Protection Insurance is a good one, unfortunately several unscrupulous finance companies saw this as an opportunity to increase their profits. This led to overcharging for Payment Protection Insurance policies; the Financial Services Authority estimates that nine billion pounds were spent on PPI, much of it from mis-sold policies. To make matters worse, many Payment Protection Insurance policies are worded so that they give extremely low payouts. In some instances, customers were even sold Payment Protection Insurance without even knowing about it. Because of this, the Government has declared that those customers that were mis-sold policies need to receive a refund. That has led to a huge number of people making a PPI reclaim.
Who can help you to make a PPI reclaim?
If you have been mis-sold Payment Protection Insurance, or suspect that you have, then you should seriously consider making a PPI reclaim. JPS Financial Services are experts in this area, winning back thousands of pounds for their clients. As they operate on a ‘no win, no fee’ basis, you have nothing to lose! For more information on how JPS Financial Services can help you, visit their website at www.jpsfinancial.co.uk
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