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Payment Protection Insurance (PPI) is overpriced, difficult to claim on and often sold to the wrong people.
Citizens Advice Bureau has found:
- It adds between 13% - 56% to the cost of a loan
- Only 4% ever claim on PPI - 1 in 4 is then rejected
- Sales staff have failed to explain the costs, added the price of PPI
automatically to repayment quotes and failed to check customers would be
eligible to claim.
Money Advice can help you claim back the premiums you have paid No win, No
fee service - so there is no risk if your claim is unsuccessful. We will
only charge you a fee, currently twenty five percent of the money recovered
if we win.
Where providers calculate offers too low, we will challenge them for you. We
will ensure that the insurers don't fob you off and that you are treated
seriously.
Money Advice can help you claim back the premiums if you were pressured into
buying PPI or led to believe PPI was compulsory and it would enhance your
chances of getting a loan. Or the full costs of PPI were not made clear.
Maybe you were self employed/contract worker/retired/on benefits at the time
PPI was added without your knowledge or you had alternative insurance which
gave you adequate cover.
Money Advice can help you obtain a refund.
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