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It may not be obvious what claiming PPI can do for you. You may feel that the amount that you may receive will be very small and that it will not be worth the hassle of claiming. However, there are more reasons that you may benefit from making a claim as well as the money. Hopefully you will be able to punish the company that allowed it to be miss sold to you and you will be able to show them and other companies that this behaviour is not acceptable. Hopefully it will prevent them all from doing it in the future and protect you as well as everyone else against it.
The amount of money that you get back will be determined by how much you paid in. You may not think that you will be able to get very much, but this will depend on how much you paid out. Even if you were only paying a little bit each month, you may have been paying it for a long time and therefore this amount of money could have added up to a more significant sum. It is also worth remembering that this is your money and so you have every right to get it back.
Punish the Seller
The person who unlawfully sold the PPI to you should be brought to task over the matter. They should not be allowed to get away with the fact that they have charged you money that you should not have been paying. Therefore you should make a claim so that they get punished for what they have done and made to pay.
By making PPI claims people are increasing the awareness of it. This means that they are showing other people that they could do the same thing as well and therefore ensuring that everyone who should not have paid PPI will get the compensation that they are allowed. It will also allow companies to see that if they miss sell anything then they may get punished as well. Hopefully it will mean that less companies miss sell products in the future.
So by claiming back money that is rightfully yours, you will not only gain financially. You will have the satisfaction of knowing that you have made a company that unfairly took your money, pay. You will also make other people more aware that they can get money back as well. Hopefully the more people that make a claim, the more companies will be made aware that this sort of behaviour cannot go on and they will not miss sell products again. It is important to make a lasting impact so that it will not happen again in the future. This may not seem like it will benefit you, but it means that when you buy financial products in the future you will be protected against miss selling. Hopefully you will be more aware of it anyway, but it is not always easy to understand everything in the small print or to realise that you are being overcharged.
Chris is a tax consultant who loves to write on business and finance in his free time. He suggested one of his friends to get ppi claims advice as he was going through a rough financial year.
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