What is PPI?
PPI is the term for Payment Protection Insurance, a type of insurance that is offered by the banks whenever you take a loan, a mortgage, a credit card or a storage card. Not many people know about it, but if you feel you have been mis-sold and you’d like to reclaim your money, you can do that for free.
iSmart is a company that specialises in obtaining this insurance, because the chance is that any loan, mortgage, credit card or storage card you ever took had a Payment Protection Insurance policy with it. They offer their services for free to any customer that wishes to get their money back. The time period until they refund you the money from the PPI lasts for around 50 days, as it takes up to 40 days for the lender to respond to the Subject Access Request and to release all the documents they have on you.
The process of obtaining the PPI starts with iSmart sending a Subject Access Request (SAR) to the company or bank that offered you the loan. This request has to be answered in about 40 days, but the company promises to get you a response in 50 days, as it takes them 10 days for them to go through all the documents. This step is necessary because not all accounts are entitled to a Payment Protection Insurance and they need to see which included this policy in the contract and eventually how much compensation you will be offered.
After the SAR has been responded to
After all the documents have been submitted by the lender, if the company finds that you are entitled to a PPI claim, you can let them take the charge and get you your money back. If you are not entitled to a Payment Protection Insurance claim, they won’t charge you anything. If you want to take the claim on yourself, they will offer you all the information and that will be the end of their commitment to you, thus helping you out constantly.
How does iSmart profit from this?
iSmart charge 25% + VAT from the final PPI sum you will receive for their services. This fee in most cases will not be take before you receive your money. You will receive the full amount from your lender and we will send you an invoice for work carried out.