Over the past couple of years, the term 'mis-sold PPI' has been brought up by the British media on numerous occasions. However, many either do not know what this means or whether it will have an impact on their lives.
PPI stands for payment protection insurance, which is an optional product customers are offered when taking out a new credit card, loan or mortgage. It is designed to cover repayments if the customer loses their job or becomes ill and is unable to work.
However, banks have got into trouble over the past few years after it was found that they were selling the product to its customers dishonestly. In fact, the Citizens Advice Bureau estimates that 80% of all PPI policies were mis-sold.
Mis-Sold PPI: Why Are the Banks in Trouble?
There are a range of ways in which banks mis-sold PPI policies to their customers and consequently earned money from them that they shouldn't have.
Employees at the bank either added the policy to the original loan agreement without the consent or knowledge of the customer or told them that it was obligatory to get the product with their loan or credit card. In many cases, this happened to customers who weren't eligible for the product in the first place.
Those financial institutions have now been made to set aside billions of pounds worth of compensation to pay to those affected.
How to Claim Compensation for Mis-Sold PPI
If you are considering claiming compensation, you first need to check that you actually have a PPI policy - a large number of people try to claim but then realise they didn't have a policy in the first place.
To find out if you have PPI, check the paperwork you received after taking out your loan, home loan or credit card - it may be listed on the documentation as 'payment protection insurance', 'loan protection cover' or a similar term. You can also contact the lender directly and ask if they have a PPI policy reference for your account.
Once you know for sure that you have been sold PPI, you need the advice of a specialist mis-sold PPI claims company. The experts there will tell you everything you need to know about making a claim and discuss with you your options, as well as the information you need to gather for them to move the case along.
Speak to Mis-Sold PPI Claims Experts Today
If you are considering making a mis-sold PPI claim yourself but need expert advice on how to start the process, contact Precision Claims today. The company's legal experts specialise in cases like this, as well as personal injury and care home claims.
PPI stands for payment protection insurance, which is an optional product customers are offered when taking out a new credit card, loan or mortgage. It is designed to cover repayments if the customer loses their job or becomes ill and is unable to work.
However, banks have got into trouble over the past few years after it was found that they were selling the product to its customers dishonestly. In fact, the Citizens Advice Bureau estimates that 80% of all PPI policies were mis-sold.
Mis-Sold PPI: Why Are the Banks in Trouble?
There are a range of ways in which banks mis-sold PPI policies to their customers and consequently earned money from them that they shouldn't have.
Employees at the bank either added the policy to the original loan agreement without the consent or knowledge of the customer or told them that it was obligatory to get the product with their loan or credit card. In many cases, this happened to customers who weren't eligible for the product in the first place.
Those financial institutions have now been made to set aside billions of pounds worth of compensation to pay to those affected.
How to Claim Compensation for Mis-Sold PPI
If you are considering claiming compensation, you first need to check that you actually have a PPI policy - a large number of people try to claim but then realise they didn't have a policy in the first place.
To find out if you have PPI, check the paperwork you received after taking out your loan, home loan or credit card - it may be listed on the documentation as 'payment protection insurance', 'loan protection cover' or a similar term. You can also contact the lender directly and ask if they have a PPI policy reference for your account.
Once you know for sure that you have been sold PPI, you need the advice of a specialist mis-sold PPI claims company. The experts there will tell you everything you need to know about making a claim and discuss with you your options, as well as the information you need to gather for them to move the case along.
Speak to Mis-Sold PPI Claims Experts Today
If you are considering making a mis-sold PPI claim yourself but need expert advice on how to start the process, contact Precision Claims today. The company's legal experts specialise in cases like this, as well as personal injury and care home claims.
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Learn more about mis-sold PPI. Visit Precision Claims' site, where you can find out all about PPI claims.
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