About PPI - The Basic's   by Josh O'Connor

in Finance    (submitted 2012-02-09)

About PPI

For anyone who has taken out a loan, credit card or mortgage in the past 10 years, there is the possibility that you may be able to claim back the PPI that came with the loan if it was mis-sold. PPI is an optional insurance that covers monthly repayments for those who can't pay back their loan due to an unseen financial circumstance such as redundancy or sickness. However, it has come to light over the past year that some of these policies are invalid due to them being sold to people who could never claim on them if they needed to. For example, those self-employed, in part-time work, unemployed or with an existing medical condition never qualified for the policy to begin with. There are also cases of mis-selling if the 'opt-out' box was already checked before signing your loan agreement or you were pressure sold because you weren't made aware that the insurance was optional. If you have been mis-sold PPI for any of the above reasons, Claims Advisory Group are a Claims Management Company that will help you reclaim your mis-sold PPI and compensation.

For those of you who are unsure whether you are entitled to compensation or interested in claiming with Claims Advisory Group call one of their advisors who will be happy to discuss your options on 0808 168 0233.

How Were You Mis-Sold?

With an initial call from Claims Advisory Group, many potential clients are unsure whether they were mis-sold their payment protection insurance (PPI). Banks mis-selling their PPI product happened in many ways, and the Claims Advisory Group aim to make you aware of this. Maybe it was YOU that was mis-sold this infamous insurance policy?

Added Without Knowledge

Many people in the UK have been paying for their PPI even though they weren't aware that they had it. By the banks just giving you the monthly repayment figure you may not have been notified that your monthly payment also included your PPI policy, which is effectively a separate loan in itself. If you are paying more a month than you think you should be, dig out your loan agreement and check that there weren't any hidden add ons.

Compulsory Product

For some of us it is difficult to secure loans, so when offered one on the proviso that you also take out payment protection insurance, many would take this offer. If the banks told you this, they lied. Payment protection insurance never affected your chances of getting the loan in the first place. If a similar story relates to you, you could put forward your case with Claims Advisory Group who specialises in claiming back PPI products.

It Was Never Valid

Depending on your job status at the time of acquiring your loan, the PPI was never valid and therefore was mis-sold. Those who were in part-time work, self-employed, unemployed or had a medical history never actually qualified for the insurance. If those in the categories above were to claim on the insurance, it wouldn't pay out and is therefore invalid.

If you think you have a claim, Claim Resolution will fight your corner to reclaim the compensation you deserve.

About the Author

An article provided by Claim Resolution, part of the Claims Advisory Group on the basics of Payment Protection Insurance (PPI) on loans, credit cards & mortgages, and how you may have been mis-sold it by your banks and lenders, and how to take the first step on claiming it back.