Many tech businesses are the target of PPI scams and want to understand how they can receive suitable compensation. It is important to ascertain whether your situation warrants action and how much you could receive if you are successful with a PPI claim. Here we are going to take a quick look at PPI and how you can be eligible.
What is PPI?
The concept of business PPI works in a very similar fashion to the type associated with consumers. It’s a form of insurance that gets sold to people alongside other loan payments to provide cover in the event of injury or illness. This will take the form of an unsecured loan, overdraft or mortgage as long as they have been put in place for business purposes.
Business protection payments have a variety of different names and could all be eligible for compensation. So whether your tech business has commercial PPI, business PPI, business loan repayment insurance or commercial overdraft repayment insurance, you are equally susceptible to fraudulent behavior.
Was I Miss-Sold PPI?
Although the concept of PPI is supposed to safeguard people within your business, there have been thousands of cases where this has been mis-sold. It’s not possible to measure the severity of this but recent reports suggest that any business that operated between 1990-2010 could be qualified to make a claim.
There are a number of parameters that need to be considered before you take any legal action. You need to determine whether any policies were sold to you without your knowledge, if your policy holder felt pressured into taking PPI and whether payments were not explained in full detail. What Could I Receive?
If you make a successful PPI claim, there is the possibility that you could receive a sizable amount of compensation for your tech business. In the most serious of cases, you could get a full refund of all the premiums that were used for any PPI that was in place.
There is every chance that you would have incurred severe financial losses during the period in which false PPI was handed to your business. This could be any missed opportunities it prevented or any extra payments added to your overall expenditure.
How Do I Make a Claim?
Your business can make a claim in exactly the same way as you would if you were a policyholder. You need to make sure that any claims have been made before the 29th August 2019 by making direct contact with the lender that you believe mis-sold your PPI compensation.
When making claims, you will need to have any reference numbers, the date in which the policy was taken out, reasons why you believe your PPI was mis-sold to you and full contact details of every single person involved in the claims process. This will then give you all the tools needed to maximize your chances when making claims.
If you believe that your tech business has been the target of mis-sold PPI, you need to get in contact with your lender immediately to discuss the issues you have encountered and attempt to reach an agreement over compensation.