Unless you have been living on another planet, you will have heard a lot recently about reclaiming back PPI. This compensation is available to all those who were mis-sold their payment protection insurance, either because they did not need, did not want it, or did not ask for it. Some people unfortunately will think that there is no reason for them to claim back their PPI or perhaps have still not thought that they could be eligible for a refund (despite the extensive media coverage ) Others think that a potential refund will not be worth much and consequently miss out on a small fortune. Here are some top reasons to claim back your PPI – while you still can!
The Money Is Yours
First off, this money is rightfully yours. You are not taking extra money from the bank; you are taking money that you have paid when you did not need to or were not even aware about it. For some they feel this questions their morals, but in actual fact it has been proven that banks and their staff have actively mis-sold the product. They were immoral! Too many loan agreements were set up with PPI in place without consulting you. Why should the banks have your money?
Help to Clear Debts
The compensation amounts that people are being awarded are not just a few hundred pounds; the average claim is in the thousands with some claiming back tens of thousands of pounds! The refund will help you to clear your debts and start living your life freely. For some, this is a great opportunity of a second chance! You can learn from your mistakes and start a fresh.
Start Saving for the Future
It is a fact that most people do not have any savings in the case of an emergency. Regular readers of this blog know that Emergency Funds Save Lives! This is an ideal opportunity to invest the money to generate some Passive Income!
Spend Money on Repairs and Needs
Do you need a new car? Are you wondering where the money for repairs on the washing machine will come from? With your PPI compensation, you have the opportunity to use this as an emergency fund that you don’t yet have! I guarantee you that this will help to reduce the stress in your life and you will be able to enjoy your family life and treat the children to new clothes and games without constantly feeling like you’re saying no. Just remember to be sensible. A payout of £10K does not justify you to buy an upgraded car or to inflate your lifestyle… keep it simple!
Find the Best Protection for Your Debts
If you still have some debts – such as a mortgage – claiming back your PPI will help you find the best form of protection. If you are self-employed, you will not benefit from PPI but you may benefit from income protection insurance. By lowering your outgoings on your debts, you will be able to afford the forms of protection that suit your needs.
How to Claim
You can literally start reclaiming your PPI today. Even if you are unsure if you are due a refund or even qualify for one, it is worth finding out (for free)!. You never know; you may find that you are one of the lucky ones that are due tens of thousands and can afford that family holiday you have been dreaming about for the last five years! To start your claim call 08000 469 144 or complete an online PPI claim form.
The Savvy Scot co-wrote this article with Gladstone Brookes, a PPI claims company that regularly enjoys writing and sharing posts on personal finance and money saving tips. A UK based company; they help customers reclaim PPI on their bank loans, mortgages and credit cards.
Have any readers made a successful PPI claim? How much did you get back?