| There's a lot of confusion over Payment Protection | | | | 6. Or, the full cost of the policy was not explained to |
| Insurance, or PPI as it is often referred to. You may | | | | you. |
| have heard that if you had bought this insurance | | | | Selling Payment Protection Insurance is an extremely |
| within the last few years, you may be entitled for | | | | big and profitable business for banks, loan companies, |
| some kind of compensation. This is because the PPI | | | | credit card and insurance companies. However, much |
| has been a mis-sold insurance. So what's the real | | | | of it is associated with practices that are far from |
| business about PPI and PPI compensation claims? | | | | being called ethical. Statistics show that up to 50% of |
| Let's investigate. | | | | all policies sold, have been mis-sold in the UK. The |
| First, let's start with the basics. If you've taken out a | | | | problem has reached such large proportions that the |
| loan, mortgage or credit card, you may have been | | | | Citizens Advice Bureau (CAB) have called it a |
| advised to take out Payment Protection Insurance. | | | | Protection Racket and issued a Super Complaint to |
| Its purpose is to assist a borrower with meeting the | | | | the Office of Fair Trading. |
| repayments of a loan if they are unable to keep up | | | | So, if you are among those who were wrongly sold |
| repayments due to accident, sickness or | | | | a PPI and are entitled to compensation, how do you |
| unemployment. | | | | go about it? The best approach is to get in touch |
| This is fine in theory, however, in practice, many | | | | with one of the many professional organisations and |
| people have had their claims turned down due to | | | | law firms who offer specialised services in helping |
| policy clauses and exclusions. In fact there are many | | | | people like you get compensated for their mis-sold |
| reasons why you may consider asking for a refund | | | | PPI's. Some of them work on a ‘no win, no fee' |
| on your PPI. Some of the best reasons are as | | | | basis which means that you pay them nothing if you |
| follows. | | | | don't get your money back. There are no upfront |
| You can claim compensation if | | | | costs. This is a completely win-win situation for you |
| 1. you were told that purchasing PPI was compulsory; | | | | and puts you at complete peace of mind while |
| 2. you were not employed on a full-time basis when | | | | making a claim. |
| you took out the policy; | | | | So get ready to make that claim which is probably |
| 3. PPI was sold to you without your knowledge; | | | | long overdue already. Get in touch with a payment |
| 4. the terms and conditions of the policy were not | | | | protection claim company and start the process of |
| explained to you to your satisfaction; | | | | making the claim today. It's easier and faster than |
| 5. you were not told that you could get PPI | | | | you might imagine. |
| elsewhere; | | | | |