While many borrowers have been able to reap the benefits of a Payment Protection Insurance (PPI) plan, many other borrowers have found these kinds of programs to be disadvantageous. This is largely because throughout the last ten years or so, many lenders engaged in dishonest sales and advisement tactics, leading to the wrongful sale of PPI to thousands of borrowers. These wrongly-sold PPI cases have led to many individuals losing out on hard earned funds and being unable to cash in the benefits of their PPI program when in need. Before this happens to you or anyone else you know who may have purchased a PPI program, you should research the possibility of obtaining a PPI refund. Hundreds of law firms, financial experts and financial institutions have dedicated a great deal of information on how to obtain a PPI refund, and you can find much of this information online.
Conducting an internet search will provide you with numerous resources where you can find out how you can successfully complete a claim for a PPI refund. This is a great place to begin, since many borrowers are not even aware that they have been wrongly sold PPI or that they are eligible for a PPI refund. As such, specific websites can help you to understand the specific instances that constitute wrongly sold PPI, and that may qualify a borrower for a Ppi refund. Such instances include a borrower with a pre-existing medical condition or disability, as well as borrowers with certain employment statuses, such as unemployment, at the time of loan purchase. Since PPI handles the assistance of borrowers in making their full or partial monthly payments due to an inability to sustain employment, these kinds of conditions make PPI policies inappropriate for these borrowers. However, many borrowers have claimed that these terms were not disclosed during the signage of their loan documents. Additionally, many borrowers claim that aggressive sales tactics and wrongful advisement were used when they purchased their loans. This includes lenders advising borrowers that the inclusion of PPI would lower their loan terms.
If you believe you are owed a PPI refund, many websites suggest contacting your lender first, before you decide to move forward with other legal action. With a little research, you can easily find letter templates to use as a guideline in composing your PPI refund letter to help ensure a prompt response.