PPI is an insurance policy that is taken to get payment coverage for unpaid debts like mortgage, loans and credit cards during redundancy or sickness. This policy was designed to help debtors to make payments regularly even in adverse situations. But policy holders are worrying about this plan due to increased incidences of mis sold PPI.

PPI policy and finance:

After reviewing numerous cases of mis sold PPI, authorized bodies have settles new rules for selling of payment protection insurance plans. Credit card companies, banks, financial advisors and other lending agencies follow strict rules while providing PPI plans. However, mis selling of PPI is still undergoing even after these rules and provisions. So, it is very important to pay full concern while purchasing any such plan. Most of the time, lenders make PPI as compulsory product with lending financial product. But this is illegal and no any lending agency can reject your loan request on this basis.

Other things about PPI:

Most of the people agree lender’s terms without investing much and accept the policy. However, lenders often provide partial information and false provisions on such plans. You were informed later that your payments are partially going for interest and partially for PPI. You were also not informed about the policy period, its coverage and other things. You were surprised to know that you cannot get the coverage at the time when you need that most.

Following are the situations of mis sold PPI:

• You were not informed about exclusions like pre-existing medical situations
• You were not informed about the PPI premium payment period
• You were not informed that PPI was directly added to loan and so you will need to need to pay interests on premiums even after completion of PPI period
• You were not asked about your employment status

If all these conditions are true in your situation then surely you have mis sold PPI. It is up to you whether you want to take proper action for refunds or leave it as it is. If you are really mis sold PPI victim then claim now to get compensation of your losses.


For more information visit - http://www.ppiclaims.uk.com/payment-protection-insurance/