Important Information On PPI
whats ppi stand for-The mis-selling of PPI or Payment Protection Insurance has become a huge financial scandal and has caused many debates of late. The past few years has seen big name organisations steal thousands from their customers through the insurance policy.
Banks have deliberately misled loyal customers, mainly due to the estimated worth of PPI being £6billion in revenue to UK banks and loan companies which ultimately generates in excess of £1.4billion in profit.
The majority of people in Britain will have a kind of credit whether it is a loan or credit card etc. If you have or have had at any point it is likely you have been mis-sold the policy. Here is some information that you should take into consideration in order to get easy PPI recovery.
What is PPI?
PPI covers your debt repayments if you cannot work for reasons such as injuries or long term illnesses or if you were to become redundant.
It is therefore sometimes sold alongside credit agreements to protect both you and the lender in the event that you cannot make the repayments. Realistically, PPI is not wrong, it is helpful. It is the way the policies have been sold which can be problematic.
How to check if you have PPI
Take time to look through paperwork, look through loans, credit cards, mortgages or other types of agreements in terms of finance. If you are lacking the paperwork or if it is unclear, contact your lender or finance provider and ask whether you have PPI.
How to find out if you have been mis-sold PPI
You could have been mis-sold PPI if the policy is not necessary to you. You may have been sold PPI for various reasons such as:
You were aged under 18 or over 65 when the PPI was sold to you. PPI should not be sold to people outside this age bracket.
You worked less than 16 hours a week when the PPI was sold to you. PPI polices do not cover those in part time work.
You were employed on a temporary or contract basis when the PPI was sold to you. PPI policies do not cover temporary or contract workers.
You were self-employed when the PPI was sold to you. Protection for unemployment is not always applicable with these policies and you should have been advised of the employment stipulations with the policy.
How to reclaim mis-sold PPI
You can ask your lender to review your file. If the lender rejects your request, then take the matter to the Financial Ombudsman Service.