In the past couple of years, numerous cases of mis-sold PPI cases have been uncovered leading to an enormous spurt in claims for PPI refunds. PPI or Payment Protection Insurance covers the credit card payments or loan payments in case of sickness, accident or unemployment. You may have also been mis-sold the policy without your knowledge.
Considering PPI Claims
If you look into the PPI basics, you will find that the policy is in essence a good one, but due to the wide mis-selling, hundreds of people are left without any cover. And this even happened in spite of paying a huge amount in monthly premiums. The cost of the insurance is large, and dwarfed the interest thus leading many people to think of it as an expensive affair.
Cause for Mis-selling
The financial providers were under huge stress to increase the sales of PPI which forced them to mis-sell thus leading to the PPI fraud. You could have avoided getting embroiled in the PPI scam if you had known whether you really need to have a PPI while taking the policy.
If you have taken a PPI policy along with a loan or mortgage, the provider should let you cancel the insurance. If you do need a PPI, you should get it as standalone insurance and cancel the PPI you purchased along with the loan to save money. A PPI calculator will help you know the exact amount of money you need to pay. You get to save money with a standalone policy because the commission money will be reduced. With a standalone factor, you need to cover only one third amount of the cost.
If you have been mis-sold, you can lodge a PPI complaint with the concerned provider, or get assistance from the Financial Ombudsman Service. PPI help can also be obtained by approaching PPI claim agencies such as the PPIClaimsAdviceLine.org.uk. With the High Court judgment being made in favour of the consumers, PPI claims should be dealt with in a fair manner now.