Income Protection Claims on Missold PPI policies

Were you mis-sold a PPI policy?

The term PPI Insurance or payment protection insurance is a term you might be familiar with in case you have a mortgage, a credit card or a loan. Such policies are sold with an intention of protecting the customer and paying his debts in case he becomes ill or unemployed or any other justified reason for not paying outstanding borrowings.

PPI insurance has many names like:-

• Mortgage Payment Protection Insurance (MPPI)
• Sickness and Unemployment cover (Life & ASU)
• Credit Card Repayment Protection (CCRP)
• Personal Loan Protection (PLP)

The concept of PPI looks quite appealing but there are many reasons which have made it quite unpopular. What is supposed to pay debts in case of emergencies often has been found as an extra cost or burden on the policy holder.

Success rates on PPI claims are questionable

• Judging most of the cases, PPI is still in debate on its success rate.
• Many banks have been suspected and found guilty in miss-selling PPI Insurance. Such banks are often seen making more profit on the insurance than the interest on the loan.
• Banks and other PPI sellers have sold the PPI often stating that loans can’t be granted without taking out PPI.

Understand the pros and cons of taking a PPI

• PPI is worthy only when the customer knows the pros and cons of taking such a policy.
• The circumstances and long term conditions of PPI insurance determines its success and benefits to a customer.
• Many people have denied knowing PPI was running with their loan.
• Claims are made in case the PPI Insurance has been mis-sold. Claims refers to asking the financial bodies for that part of the loan or credit card payments that have been part of PPI cost along with interest in the event of mis-selling.

Are you unemployed, retired, self-employed or a student and been sold an income protection policy such as PPI?

• If a customer was unemployed, retired, self-employed or a student while taking the PPI policy then the policy may have been missold.
• Often PPI was issued without an accurate judgment of the physical health of clients and without knowing the employment status of the consumer.
• In all cases, proper assessment is required before issuing the PPI.
• It is important to judge whether a customer need such PPI’s or not.

However, PPI sold in full knowledge, assessment and other conditions specified, is a good way to protect a consumers financial position.

• It is advisable to take PPI only when you have a proper knowledge of medical conditions in depth.
• It is suggested to properly study loan or credit card offer documents before subscribing to make sure you are not being missold PPI.

If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.

• 'No Win - No Fee' Service and No Upfront Fees
• Expert friendly advice
• We will handle your case from start to finish

Click here to complete your PPI Claim Form