If you borrowed money on a credit card, mortgage or loan, there you could have been sold or persuaded to get a policy called payment protection insurance or ppi. Because of this you might be able to have ppi reclaim in thousands of pounds of compensation.
Payment protection insurance has been originally intended to help protect the borrowers?capability to maintain their repayments for whatever reason and fail to keep up to them. This was generally down to certain illness, loss of employment or accident. Payment protection policies can be taken out with most forms of personal credit, which include mortgages, personal loan and also credit cards.
The problem however is from the mis-sold payment protection insurance policies that could be made at the same time when you acquired your credit. The opportunity to shop around for a good price or the fact that the sales person might pressure you in to taking out ppi is incredibly common that is why a lot of policyholders are making their ppi reclaim against their bank or lender. Sales person are on good commission and bonuses for offering ppi, that can in most cases make them failed to sell the policies to proper individuals who need it and are suitable for the cover.
Insurance policies of any nature may be valuable in the right circumstances. However, the issue with ppi is that in some cases, the policy can provide little or no benefit at all. The amounts of exclusions on the insurance plan list and payment schedules are created to maximize the profits for the lender. This is often passed over during the initial sale that can mean that when you come to make a ppi reclaim the insurance generally does not cover your needs.
With employment, the insurance usually pays out on the 60th day of unemployment, the thing is, the same banks and lenders still want their mortgage payments on the 1st month. Payment protection insurance is a bad purchase. Most individuals are sold payment protection insurance and they do not even want or understand what they are buying at the point of sale. Like other millions of other clients, you may have indeed been a victim of bad advice and mis-selling and may be able to make a ppi reclaim.
You could be eligible to produce a ppi reclaim if the exclusions and costs weren’t made clear to you. If you were not made aware that taking out ppi is not necessary, or you were made a victim of the sales person’s line, like if you don’t take ppi you’ll not be accepted for the loan, then ppi reclaim needs to be made instantly as you may have been mis-sold an insurance policy.