Many people in this world raise loans against credit cards, mortgages; store cards or through overdrafts. Circumstances often arise when many borrowers are unable to repay the loans because of serious accidents, loss of their jobs, serious ailments or sometimes the sad demise. That’s where PPI helped them with the continuance of the repayments. Known as the Payment Protection Insurance, it was the result of certain aspects that led to mis-selling of the policies and thus resulting in a PPI claim.
Following are the specific aspects related with mis-sold policies for which the buyers often file PPI claim for getting back their premiums:
- Few inexperienced employees of the insurance companies sometimes sell the policies to the ineligible guys. It could be the serious patients suffering from pre-existing medical conditions that otherwise were not eligible for the policies. Covered under the standard exclusions, these grave conditions were often overlooked by the insurance staff and the policies were thus mis-sold and the buyers became eligible for filing PPI claims.
- Selling the policies without inquiring about the employment status of the buyers could also lead to mis-sold policies. The buyers would file the claims to get back their money as they had already disclosed the facts to the insurance people about their jobs.
- Many buyers think that PPI is compulsory but it is not so in many cases. The insurance staff also did not clarify the fact and thus the policy was mis-sold.
- Unsuitable policies may also be behind mis-selling. Many of such deals added the cost of the insurance to the loan amount or the finance agreement thus forcing the buyers to make the payments of interest. Thus such policies were also considered as mis-sold.
File your claims – It is recommended to do the task at your own and avoid approaching the claims management companies. Most of them dupe you by grabbing much of your PPI compensations. Be wise to collect your documents and make their copies. Those not having such papers could ask the companies from where they raised the loans or obtained the mortgages or credit cards. Ask the service provider to provide the necessary details through the apt forms. Fill up the same and send it to the apt authorities that would revert back within about eight weeks. Be wise to respond to the questionnaire that you receive from them to file the PPI claim. Do it well in time to receive back your money without any problems.