When you go for financial assistance to

When you go for financial assistance to any bank or a financial company, the first thing they ask you about is the option arrangements that you have for paying them back in case your primary arrangements may work. Banks are pretty good during creating elaborate situations wherein you can not pay back your loan and the awful consequences you may face if you are captured in them - the worst being the decrease in your credit rating and real estate foreclosure (in case of mortgage loans). Of course you don't think twice in such a circumstances and go for the first payment protection strategy (PPI) that they offer. This is where it all begins.

It is not that all PPIs can be dupe-documents and are forcefully taken from unsuspecting customer; however, most of them are. And check twice, may be you have been consumed for a ride too. PPI promises is the answer to such misleading PPIs and a chance to reclaim your money back which has a standard 8 percent interest in your premium payments.

There are many circumstances where a PPI may be wrongly sold; the most frequent among them is when, a) You might be unemployed or self employed when you make loan, b) You have a medical condition that makes you ineligible to get the claim, c) A PPI was stated as the precondition for the approval of your mortgage loan and, d) You had other existing policies to cover the payment and even did not need PPI. In all such cases which come under the fraudulent merchandising of the PPI, you are entitled to a new PPI claim for a full money back guarantee with interest on all your monthly payments from the bank which gave you typically the policy (the lender). Remember, making claims the PPI claimsis completely safe and does not affect your credit rating in any which will way.

All banks have different operations to make a claim; generally, the remarks are made through the Financial Service Ombudsmen (FSO) present at the bank which offers the compensation. They study just about all claims and based on the application choose applicant is entitled to the application, therefore, you should provide all documentary evidence of the fraud to build a strong circumstance. Most banks are finicky inside accepting these claims and thus you must make a strong application.

This process throughout the FSO is usually long and most for the times results in rejection or transaction of a much lesser compensation sum. A better bet is to go through PPI claims service companies who have formidable legal departments and are thus better suited to fight a claims case for you than you are by yourself. These companies (most of them) work on a pay-only-when-you-win basis, which means that you only pay at the time you get a claim amount from the mortgage lender and not otherwise, i. e. there is no upfront payment in making the claim. They will charge anything from 15-25 percent of the claim amount plus VALUE-ADDED TAX and take care of all your claim related requirements.

These companies are better suited for your current claim process as they specialise in them and hence can counter all the fake counter-claims made by your bank. In addition, they make sure that you get the right compensation but not some arbitrary amount set from the bank. In short, they are your specialized hand in getting back money that is rightfully yours.