Missold PPI of Huge Advantage to Unfortunate Consumers
Whilst consumers may first look at their missold Payment Protection Insurance (PPI) with dismay, having been wrongly sold such a product could actually prove beneficial in the long run. However, there is some waiting and a number of requirements in making an application, the rewards of premium repayments and compensation can offer a profitable silver lining.
The missold PPI scandal continues to be of much public concern, with many thousands of people putting in new claims to try to recoup some of their losses. However, for the fortunate few who look on the optimistic side of life, the disaster could be seen as rather beneficial.
At the height of economic disaster, when many individuals are noting tightening incomes, the lump sum payment of a PPI compensation payout could prove rather advantageous. Not only can customers possibly save on monthly expenses if they are paying for insurance that they did not realise they had bought, but years of premiums could be gained back. In addition, eight per cent compensation is also available, offering an extra sum of money at a time when every penny counts.
Claiming back missold PPI is relatively easy for those who use independent claim specialists. In addition, whilst turnaround times have been many months in some cases, with a new January target of just eight weeks, people can expect their money faster than before. Whether individuals help themselves, or spread the word and enable others to cash in, a PPI payment this January could prove extremely lucrative.