PPI (Payment protection insurance) is also called loan repayment insurance; it is the insurance cover on loan and mortgage to insure the repayment of money, in case borrower faces any unusual situation and cant payback his loan money. This PPI is very beneficial and can protect you as a guardian angel. But since past few years PPI has been mis-sold to customers and harm them instead of protecting. The banks and credit institutions fraudulently sold PPI to borrower because it worth billions in their revenue and is very profitable.
There are many reasons behind mis-sold PPI policy, it is necessary that borrower must have complete knowledge about lenders policies. Here is some detail given about circumstances which this policy has been mis-sold. If you are familiar with or come across any of this tactics then you have mis-sold policy. It is lenders obligation to tell the borrower each and every detail about loan and insurance coverage policy. Lender must also indicate that insurance coverage is optional and wholly depend on borrowers decision. He must also provide you the pros and cons of policy. Sometimes it may occur that lender companys salesman give you false information for their personal benefit and sell the policy as a part of loan and mention it compulsory. There are few circumstances when you cant buy PPI; such as if you are a student and below 18 year of age or a retired person or if you dont have any job (unemployed). Your medical condition is also very important and can make you exempt. If you have heart attack, stroke or any other long existing ailment at time of taking loan then you are not eligible for insurance coverage. Most of the time PPI has been sold under false pretense and you got trapped in. These are some common examples of mis-sold PPI.
Now if you want to confirm whether you have mis-sold PPI this would be quite helpful. Here comes the real solution for your mis-sold and that is making a PPI claims. It is your right to file a claim to get your entire premium back. It is very crucial to make a claim and there are different ways to reclaim your PPI. You can make a PPI claimby yourself or you can contact a solicitor to file your PPI claim. The better way to reclaim PPI is to do it through a company which would fight to win your case. You can hire a company which has good track record and offers the best service to their customers.
You have to choose the best company which has highly qualified professionals to handle your case. You can visit ppiclaims.co which would guide you to claim back PPI. This link has authentic information regarding mis-sold PPI and about claiming back PPI. You can contact them to discuss your case and their experienced professional would deeply study your case to find the solution. You must have a valid reason to claim otherwise your claim would be rejected and there is no other way to refund your premium. This link would provide you all the information about mis-sold and strict action taken by FSA against banks and credit institutions. These banks and finance companies are liable and have accepted all claims. They agree to compensate the financial loss of their clients and sent letters to them. They also redress the financial loss of customer but still there are many people who have been stung by mis-sold PPI. If you have mis-sold PPI then PPI claim is the real solution for this.