What Are Mis Sold PPI Claims?
Payment protection insurance (PPI) is essentially a standalone policy that is handed out to you when you take a loan or credit card with a financial institution. The main function of this policy is to cover your monthly credit card or loan repayments if you suddenly lose your job, become ill or suffer an accident as a result of which you are unable to make monthly payments.
It is also known as loan protection insurance or accident, sickness and unemployment cover (ASU).
All financial institutions, banks and brokers have to follow certain fixed rules while selling payment protection insurance. If this is wrongly sold, the consumer can make ppi claims in the future.
Millions of people with credit cards and multiple loans are totally unaware of the fact that their loan or credit card agreement also includes payment protection insurance. Therefore, you should check thoroughly if you also fall in this category.
If you have taken a loan, the premium might show on your loan agreement statement a lump sum amount added to your loan from the start. For credit card agreements, you should check your statements to see whether charges for insurance have been added to your account every month.
If you have a credit card or loan to pay, you should always check whether you are being made a victim of ppi. In such a case, you can recover a large amount as compensation. Read more here…