How would you like an extra bit of cash in your bank to reinvest your no obligation? Sounds pretty good, doesn’t it? Well, you can receive just that with compensation for payment protection insurance (PPI). You could be one of the thousands of businesses who have failed to make a compensation – and you only have until Spring 2018 to do just that.
What is PPI and Why Can I Make a Claim?
Payment protection insurance is basically financial protection against a loan or debt, such as a credit card or mortgage. However, there is a possibility you were mis-sold PPI when you took out the insurance – which means you could be entitled to compensation. PPI has to be one of the biggest scandals in finance, and so both companies and individuals have a legal right to claim their money back. PPI was created to provide protection to a borrower, but instead resulted in financial loss for both companies and small businesses.
You could be owed PPI compensation if you did not realise you were taking out a policy, or if you felt pressured to take one out when you took out a loan. The policy may also not have been described in great detail, leading to confusion or misunderstanding about the insurance. Had a dispute about the refund of premiums? This is often the case who have paid for PPI with one single payment and only received a small refund when they paid off a loan or debt earlier than expected.
What Should I do Next?
It’s time to take action if you think you could be owed PPI, as you don’t have long left to make a PPI claim. A PPI compensation company can take the stress out of claiming back your cash, as they have extensive experience in the field.
All you need to do to start your claim is to provide the PPI company with the lender’s name – and it doesn’t even matter if you’ve lost your paperwork. The average waiting time for PPI compensation is just 15 weeks, so it’s never too late to open up a claim to see if you could receive your money back. Only head to a reputable company with a proven track record of making PPI claims, as this will ensure they have the financial capacity and knowledge to deal with your case.
So, instead of leaving your money with the lender, it could soon be deposited back into your bank, which you can reinvest back into your business. Approximately £20 million people have been awarded PPI compensation, and there’s no reason why you can’t follow in their footstep. Remember, the deadline is for Spring 2018, so you only have two years to make a claim.
