Most of us don’t go to the bank to take out a personal loan for no reason! There is usually a need to have that cash on hand almost immediately or we wouldn’t subject ourselves to high interest rates and the prospect of paying those monthly instalments if we could avoid them. Lenders know this and have used it altogether too often within the past six to ten years to mis sell payment protection insurance () on all sorts of loans, not just personal loans. However, if you have been mis sold PPI on a personal loan then you are probably set to join the millions of UK consumers who are filing personal loan protection claims to get a refund on your money.

How Was PPI Mis Sold to You?

The first thing you will need to do is determine how the lender mis sold PPI to you in the first place. Did he/she tell you that you needed loan insurance to qualify for the loan or that your chances of getting a larger loan would be better if you carried this cover? Were you eligible for it when the policy was sold to you? Keep in mind that a good segment of the population is excluded from cover which is one of the leading reasons why so many people are filing against their lenders.

What You Can Do If You Don’t Understand the Claims Process

Unfortunately, there are a significant number of people who don’t understand how to file personal loan protection claims so that money goes unclaimed. If you feel that you have been mis sold PPI and would like to see about getting a refund but haven’t a clue where to begin, contact a reputable claims management company to file on your behalf. If they are registered with the Ministry of Justice and perhaps hold a Credit Consumer Licence issued by the Office of Fair Trading, you can probably feel quite save having them represent you. Take the time to talk to the claims team before you contract their services and you can feel more confident, knowing they are well qualified to file personal loan protection claims on your behalf.