How To Reclaim Your Mis Sold PPI?

Over the last ten years, ppi claims have been big news. Loan and credit card providers have routinely mis sold PPI to those for whom the insurance policy is inappropriate. Payment Protection Insurance or PPI is an insurance policy usually taken out alongside mortgages, personal loans, credit cards or finance for high value products. Payment Protection Insurance (PPI) can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection. PPI is optional, it is never mandatory, if you were told you had to take Payment Protection Insurance, this is wrong, and you may be compensated. The FSA has stated that lenders have to justify why single payment policies are suitable for clients. Were you aware of the method of paying for your PPI? If not, it is possible that you have been the victim of a mis-sale.

The problem with PPI is that it is not suitable cover for everybody. If you are unemployed, retired, self-employed or have an illness that could stop you from working in the future, PPI will not cover you, however this didn't stop cases of mis sold PPI taking place. Mis sold PPI is common due to the fact that the lender can make a large commission from selling it. How do you know if you have been Mis sold PPI and therefore entitled to reclaim PPI payments? To check to see if you took this out then find your loan agreement or credit card statement and see if it includes PPI.

Mis sold Payment protection insurance occurs when the customer isn’t fully informed of their rights, and asked the proper questioning as to whether they need Payment Protection Insurance during the sales process. To reclaim PPI it is important to establish whether you were originally mis sold to.  If you are worried that you have been mis sold PPI, you can seek out help from a number of online companies to help with your Payment Protection Insurance claims. Today there are several online firms available who specialise in PPI and its consequences. A good PPI claim enables consumers to quickly and easily obtain a way to make payments on their loan in the event that they are not able to meet the financial obligation. However in many cases PPI claims were rejected by insurance companies for various reasons, leaving the consumer out of pocket and struggling to their meet monthly commitments.