PPI Claims In The UK
Most UK residents that bought their house using a mortgage loan or bought their car using a car loan probably have an insurance policy that protects them in the event they are unable to repay their loan or credit facility. This insurance cover is called PPI or payments protection insurance. Many credit card holders have the same insurance policy as well. This insurance policy is important because it will endeavor to cover the holder’s loan or credit card repayments in the event the holder loses their job or is sick and cannot attend work.
In a couple of cases though, many credit and loan holders were wrongly solid insurance by the banks. Apparently, banks used unorthodox means of selling insurance so that consumers bought the cover without their knowledge, bought insurance without even knowing it while some thought it was mandatory or other misleading information. This lead to the courts in the UK declaring as illegal any mis-sold PPI insurance. It therefore provided an opportunity to consumers to seek ppi claims.
What are ppi claims? Well, ppi claims are claims made by PPI insurance policy holders that were wrongly sold this insurance. According to the courts, any individual that was wrongly sold insurance would be able to seek compensation for the mis-selling by the banks. The process of filing ppi claims is easy, straightforward and is free of charge. A policy holder will need to first make a determination as to whether they were sold insurance unfairly or wrongly. Once this determination is made, the application can then be made and the necessary documents filed.
There are independent firms that have been privately set up in order to provide assistance to victims of the mis-selling and who would appreciate the assistance for filing ppi claims. While it is not mandatory to use these private firms, it is an option that is available. These firms do charge a fee for the assistance offered but the process is essentially free to all victims. Applications for ppi claims will then be reviewed by the financial services ombudsman. Successful applications will be processed and paid.
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