PPI, i.e. the Payment Protection Insurance is associated with credit cards, store cards, specific loans or the mortgages etc. PPIs are focused on ensuring repayments of loans when the borrowers pass through hard times because of job-loss, serious illnesses or accidents or the sad demise. This is the most feasible and best method for the borrowers that are saved from being blamed as defaulters.
Mis-selling of PPIs – Huge monetary losses are the usual consequences because of the mis-sold PPIs. But the sufferers can file PPI claim against the mis-sold policies. People having availed mortgages or loans against credit cards or other documents are often prone to mis-sold PPIs. It was aimed to help them out for covering the payments to honour their borrowings in odd circumstances like loss of job, sickness or accidents etc. It often happened due to the negligence of the insurance companies. Ineligible persons like the self-employed or serious patients could buy the policies that led to bad payouts. High rates of commissions of the agents as much as fifty per cent of the buyers’ own commission was also responsible for this problem. This fact was generally hidden by the insurance company’s staff and it affected the buyers in adverse manner who were ignorant about their own big commission that otherwise went to the greedy agents. They harmed the buyers that otherwise were eligible for the compensation. Thus they are the persons to whom the PPIs were mis-sold but were ignorant about the same.
Claim Filing – Many claims management companies boast of helping the sufferers with the promise of fast recovery. But beware that they may also loot you with a big part of your PPI compensation. So why depend upon them and not do the task at your own. Collect your requisite documents from your lockers and get them copied. No problem even if you do not have the requisite papers, just approach the department that gave the loan, issued the credit card or the mortgage etc. Check with the service provider that helped you in having these facilities or have access to the bank website that would facilitate the art forms. Send the same to the department that would be pleased to revert back within about eight weeks or so by sending you a questionnaire that needs to be responded by you for filing the PPI claim. It is so easy so why not get the money and enjoy the same.