What is a mis sold PPI? More importantly, what is a payment protection
? Payment protection insurance or PPI is an advantage provided to a borrower of money. When you are going for any kind of loan or mortgage or even credit card loan, you will be provided for this option.For years it has been mis sold to people who really didn't need, didn't understand it or were told they had to have it. The problem with PPI is that it has been widely mis-sold to consumers. One way it was mis-sold was that many consumers paid for the insurance without even knowing that it had been added on. Another way it was mis-sold was by not informing the borrower that the insurance was optional and not compulsory.
If you are one among them holding a Payment protection insurance and feel like you have been mis-sold then check it out whether you are able to find satisfactory answers for the questions given below.
Are you retired or nearing retirement age while taking out the policy?
Have you told that PPI is compulsory or given a surety of other gifts like credit cards or other similar products in the event of taking a PPI policy?
Were you clearly explained about the entire cost of the premium in detail?
Were you employed while taking the policy?
Were you informed properly that you had taken a PPI policy
If you have been mis sold PPI plan, you might be eligible to make a claim. There are two routes open to you in reclaiming PPI
1. Use a claims processing firm/firm of solicitors
2. Do-it-yourself
When you do file your PPI claims, you might be denied the first time. This is typical, once your complaint is denied; you should write them another letter and tell them you will be forwarding your claim Financial Ombudsman.
There are a variety of specialist claims management companies who offer their services. Most firms work with the win first, pay later policy. This means that PPI claim firms will charge you only at the end of the deal and if it is a successful deal. This is called no win no fee. You can also claim online using the services of an internet based claims management company.