PPI Claims and Reclaims891909

What is PPI?

PPI or Payment Protection Insurance is an insurance policy that is used to protect individuals in the event of accident, sickness or unemployment. Basically it's an insurance policy that keeps up loan, mortgage payments and/or credit card payments in case you lose your job or cannot work, perhaps because of a medical condition, sickness and/or an accident.

A Payment Protection Insurance (PPI) policy is available to buy as a monthly contract that can continue for the term of a loan or it can be arranged as a single premium that would pay benefits for a required term. By taking out Payment Protection Insurance (PPI) alongside your mortgage, loan, credit card payments, you can set the deferral period yourself, knowing that a proportion or all of your payments will be covered after a certain number of weeks or months (usually 30, 60 or 90 days) for a given period of either 12 or 24 months, whichever is chosen at outset.

Missold Compensation Claims Well, how has PPI been mis-sold? Payment protection insurance is a type of policy designed to serve as a backup to inability to meet loan or mortgage repayments as a result of illness or short term unemployment, and by its nature is a technical and complex policy to create.

Nevertheless there are around 20 million PPI policies across the UK, which some market analysts suggest could be made up of around 50% missold policies. The Financial Ombudsman's announcement reflects almost 100% growth in the number of claims it has been required to investigate, despite the wider clampdown on the way PPI policies are sold. Many consumer customers have reported misselling of PPI cover, with brokers bundling it in with other costs and fees or failing to explain the true extent of the cover, and what is excluded by the policy wording. Additionally, an extra statutory concession that the insurance industry will not rely on points of legal technicality in consumer cases seems not have been reflected in the policy wording of many PPI cover products, according to industry analysts.

Have you been mis-sold a PPI policy?

Can you answer yes to just one of the following simple questions?

PPi Compensation Questions - Answer Yes or No

1. You were not in work or self employed at the time of sale 2. You were told that you had to take the PPI out at the same time as the loan or not at all 3. You were not asked whether you had any other insurance which would cover the loan 4. You were not told you could buy PPI elsewhere to cover the loan 5. You were sold a policy which had age restrictions which you fell outside of 6. You were led to believe that Payment Protection Insurance was compulsory 7. You were told that you would stand more chance of getting the loan if you took the Payment Protection Insurance (PPI) 8. It was not explained to you that there were certain exclusions within the policy that could affect you 9. You were pressured into buying the PPI 10. You paid upfront for the PPI but it was not explained that there were some PPI policies where you could pay monthly 11. Your PPI was an upfront premium and you repaid the loan early and received no refund 12. You increased your loan and the PPI was increased automatically 13. The Terms & Conditions of the small print were not fully explained to you

This list is not exhaustive but a comprehensive list of the things that people in the UK have claimed PPI compensation for in the past. Your circumstances might be different but if you can answer yes to just one of these questions then you may be entitled to £££'s of compensation and it could net you thousands of pounds for being missold your PPI to claim ppi