Payment protection insurance or PPI is made to cover the cost of the policyholder's loan repayments when they become unemployed by way of redundancy or not able to work as a result of an accident or severe illness. However, a lot of policyholders are already mis-sold PPI due to various reasons.
In case you are unsure if you have been mis-sold PPI or if you have a PPI policy, check your loan papers. On a loan agreement payment protection insurance might be referred to as loan protect, loan guard, or gold cover for example and is frequently detailed in the other financial information section of the loan agreement. Consistently, these policies are really overpriced and you could be paying an extra 13% to 56% extra on top of your loan and you may not even be aware about this.
A major problem has been that payment protection insurance might never have been needed if other insurances were in place and furthermore it's been found that people have been unable to claim on their policies when the need did arise. Because of small print and exclusion clauses that were not explained during the time of purchase made it a mis-sold PPI policy.
The truth is, several payment protection insurance policies were never thoroughly explained to begin with. Some people paid for PPI with one single premium that has been added to their loan, resulting in huge interest payments and if the client paid his loan off early, very limited refunds were made available for him to receive.
It is unfair and you can do some thing about it. You could possibly claim your money back yourself, but once you seek the guidance of a specialized claiming company, they won't fobbed off by your bank or loan provider. You also don't have to spend so much time get yourself ready for all the paperwork or will require you little or no effort on your side. Everything is going to be kept confidential between you and your specialized solicitor and you also be notified for the further developments of your case.
Usually, the banks or lending companies pressured the client into taking a payment protection policy; pr assumed the client wants the payment protection policy from the outset like by automatically including it in a loan quotation. Mis-sold PPI may also happen when the broker led the customer to believe that the payment protection policy had to be taken in order to obtain the loan, or some other goods or services or would certainly improve his aspects of doing so. If the sales representative made the sale with no customer??s explicit agreement to purchase the payment protection insurance policy, then it was a mis-sold PPI practice.
If one of these things happened to you when you took out a loan or finance, then there is very good probability that you are paying or you paid extra cost for a mis-sold PPI policy.
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