Are You Eligible For A PPI Claim?
What exactly is PPI? PPI or Payment Protection Insurance is a policy which is used to protect a borrower (loan, mortgage, and etc.) in the event of severe illness, accident, or unemployment from being in dept. The policy would pay for the monthly repayments of the borrower until the borrower is back to health or back to work. A PPI policy is available to buy as a monthly contract and could continue with the duration of the loan. It could also be arranged as a premium and would pay benefits for a determined term.
How has this PPI been Mis sold? There are over 20 million PPI policies across the United Kingdom and statistics show that half of these were mis sold. These mis sold PPI policies makes a borrower eligible to make a PPI claim.
A PPI is considered mis sold when:
1. You were not employed or self-employed when you got the PPI.
2. You were told that the PPI should be taken out at the same time with the loan.
3. You were told that you could not buy PPI elsewhere to cover your loan.
4. You believed that a PPI is compulsory and not an option.
5. You felt pressured to get the PPI.
If you have been one of these then you should make a PPI claim and reclaim your payments for you PPI policy.
Related posts: