Recover Your Mis-sold Payment Protection Insurance

Payment Protection Insurance, also known as PPI can be very a useful type of insurance

cover to have especially if you are deep in debt or have just been unemployed. PPI is usually offered by the bank or other money lending sources to the client during the time of loan or mortgage. Reclaim PPI, however, should not be confused with credit card covers. The type of debt that is covered by PPI is usually a loan or an overdraft.

The Payment Protection Insurance usually comes in handy when an unpredictable accident, a serious illness, or unemployment befalls on the borrower disabling him to pay for the monthly amortizations of his debts. The type of PPI that is sold to the client varies depending on the kind of financial situation that the client is in. But how should one make a PPI claims? Can anyone just immediately assume that he can apply for a claim if he is not able to pay for his monthly loan installments anymore?

The PPI is basically sold by the lenders and banks to those people who will not benefit from the insurance, or people who do not need it or ask for it, and this is called PPI mis selling. The FSA has fined those institutions that are mis selling the PPI to customers. From 2004 onwards, millions of people in the UK have the full right to reclaim the mis sold payment protection insurance with the fines of FSA. According to the research it is found that there are billions of mis sold policies that are still waiting for reclaiming.

There are many examples of people who fall under one or all of the categories that sold PPI, even without informing that they cannot reclaim PPI. Individuals who fall into this category can file a reclaim claiming mis-sell. If you are the one among those people who have sold a single premium policy, then you should get a refund on canceling of the PPI.

If you feel that you are one of the many victims of the mis-selling PPI, contact a reputable claims management company to reclaim your mis sold PPI. The recovery process can often be very complex and time consuming, so why not save the complicated paperwork and let us do the hard work for you? A good company will be able to tell you in minutes whether you have a claim for compensation or not.

by: James Noor

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