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PPI Claims For Those With Multiple Policies

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As payment protection insurance was so frequently added onto an array of different forms of finance it can be easy for many people to hold more than one payment protection insurance policy. Although many believe that payment protection insurance was only added to loans it was in fact also added to credit cards, store cards, car finance and less commonly mortgages and as the mis selling scandal covered two decades at the very least it is easy to pick up multiple policies. It is also worth considering the fact that many were sold payment protection policies without even knowing that such a policy had been included on their credit agreement.

If you held multiple payment protection insurance policies across a selection of financial institutions then manually claiming them all back individually could quickly work out to be very time consuming and heavy on the administration. This is where claims management services such as Payment Protection Partnership Glasgow come in and help you get your money back in the most efficient manner possible. Instead of making multiple claims to each individual bank/lender you simply need to send the service the required information and they will then do all of the work for you.

The length of time the claim back takes will of course depend on the individual banks which are involved and the specifics of each claim. As you will typically receive your payout in one lump sum for all of the policies you may find that one bank could cause a delay for the whole process.

The actual pay out you will receive from each policy will vary massively but the most important point to note is the procedure which takes place if you are claiming payment protection insurance back on a current policy and loan. In these cases the lender has the right to use the money from the PPI claim pay out and use it to pay off or contribute to the existing debt which the borrower holds with the bank rather than sending the money direct to the claimant.

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AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

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