PPI Complaints

The number of PPI related complaints has increased dramatically

Payment Protection Insurance is basically a form of insurance which protects a person from loans and debts in case of unemployment, sickness or accident. It pays the debts of the customer for as long as one year.

PPI is often referred as a scheme of 'Loan Protection'. In the UK PPI is generally sold with:

• Long and medium term loans
• Credit cards
• Mortgages
• Secured loans

However a person can buy such insurances on his own without any direct link to any loan.

PPI is still counted as one of the most risk-bearing insurances and PPI complaints are received in plenty every financial year.

• PPI’s have faced many complaints over the last 10 years. Out of many PPI complaints, the most common problem is rejected insurances.
• It is found that Insurance companies have denied making payments asked by customer covered under PPI. Even small terms can power the financial bodies to turn your PPI. It is always suggested to take advice of experts on such a condition.

PPI Complaints on Up-Front Single Premiums

• Cases have also shown that Up-Front Single Premiums paid by a customer on PPI along with a loan has given rise to PPI Complaints.
• This happens when a person gets unsatisfactory or lesser refunds in case he repays the loan at an early stage.
• Disputes with Insurance Companies and Financial Bodies have increased the number of complaints to a very vast extent.

Mis-sold insurances are considered as one of major contributors to PPI complaints.

This is the major reason PPI insurances have gathered bad reviews in the insurance market. Customers have registered complaints saying that they have been cheated as the terms and conditions regarding PPI’s haven’t been explained PPI policies properly.

A large section has also complained that Insurance Companies did not take the utmost care while assessing the PPI requirement of a customer. This implies that medical background and work details of a person needs to be properly examined to issue or offer a PPI insurance. There are cases of mis-selling where people have been convinced that a loan or credit card facility cannot be availed without PPI.

PPI Complaints Include Any Prior Knowledge of PPI

Some cases of PPI complaints include any knowledge of PPI with an ongoing loan, mortgage or credit card.

Many customers have registered complaints against Financial bodies selling PPI that such insurance has been added without any notice or clarification.

The best way to deal with PPI complaints is to initially interact with the company from where the insurance has been taken.

Generally the initial response can tell a lot about how things might shape up. Secondly legal advice can be taken before file a PPI Complaint but that implies proper knowledge of your insurance. It is advised to read the loan documents carefully as in majority of the cases it is seen that PPI covers only for a year but premiums are paid for a much longer period.

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