PPI Compensation Claims

PPI (Payment Protection Insurance), in simple terms is an insurance product, and is one of the best way of securing your currently outstanding debt. Usually sold as an add-on via various financial institutions, PPI covers a debtor against any major illness, accident, unemployment or death, or any other cause, which freezes the source of earnings for them.

In case of the occurrence of any of the above mentioned mishap, a debtor is unable to service his debts and eventually, he/she falls back on some or the other financial help. PPI is designed in such a way that if suitable criteria are met, it can cover the minimum repayments of a debtor for a limited span.

A careful assessment before purchasing this insurance is very important, as unlike other kind of insurance, plenty of claims are rejected in this. There are plenty of cases in which consumers are not even aware of the fact that they have availed PPI, and in other cases consumer overlooks several PPI policies and apparently, their claim gets rejected in not time.

Mis Sold PPI

If you are a UK resident, then PPI mis-selling should not be a new term for you. The financial organisations sell this product at the time of selling of their credit product. There is nothing wrong with this practice, but they should also ensure that the product is right for the customers and should explain every particulars and policies of the product to them.

But this is not the case with most of the financial organisations, which mis-sells the product. Most of the customers have to pay a hefty sum in addition to their repayments for PPI, and they are not even aware of it.

Can I Claim?

People who are victim of Mis-Sold PPI can claim back for PPI. There are certain factors under which this claim could be considered. The particulars of them are mentioned below.