Payment Protection Insurance or PPI has been in and out of the consumer’s eye for the majority of 2011. It’s been one of the main key players in the financial world this year, and with 2011 starting to come to a close, it’s the time of year where everybody begins making New Year’s resolutions and other goal for the upcoming year. What better way to tackle those resolutions than with some extra cash to get them done?
PPI has been generating extra cash for millions in the UK all throughout 2011. This extra cash has been making life easier for many as it was unexpected and couldn’t have come at a better time because the whole country is struggling financially. As many as 20 million people in the UK are thought to have been mis-sold to and since people have started claiming this money back the average refund brings over 7000! This extra cash is being used by many to improve their way of life and happiness, which is becoming more and more difficult to come by.
As always with a positive, there is a downside. Millions of people across the UK were sold useless product that they could never used or didn’t need. Many people were sold Payment Protection Insurance even though they didn’t need or want it. A large percentage of people were sold this insurance even though they had medical problems and would never be able to actually use the product. Even those who were self-employed were again sold the product even though they never had a chance of actually using the PPI and these are two circumstances where you are likely to need some sort of insurance.
So for many people they are receiving their money back and this is a positive thing, they’ve received a refund on a useless product, plus they got all of the interest they’ve paid on top of the PPI and in some cases people are even getting an extra 8% statutory interest in way of compensation. It’s not been a positive experience for some people but hopefully the refund of their PPI should bring some self-satisfaction and peace.
2011 has been a promising year for many in terms of their finances and with many families enjoying their winnings; it’s been a positive one too. With the average time of 8-12 weeks to look into a loan or credit card for PPI, you don’t have a lot to lose. It’s wise to look into your finances sooner rather than later as this insurance can only be claimed back within 6 years of you taking out the loan/credit card. So get it claimed back!
For those who haven’t managed to get your PPI Claims in yet. Make sure you find a reputable firm willing to do the work on a ‘no-win, no-fee’ basis and will only charge you upon completion of a successful claim!
