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PPI Insurance Claim Back

Financial institutions across the United Kingdom who have sold (PPI) payment protection insurance and were found guilty of using unethical forms of selling PPI insurance are being forced to let borrowers start reclaiming PPI insurance payments they made. The purpose of getting payment protection insurance is to ensure that if ever a crisis should occur due to do to ill health or unemployment, there will be money available under the coverage of the insurance company to make payments on most types of loans or credit cards. In this case the borrower can have peace of mind knowing that the debt incurred while taking out a loan would continue being paid in the event something should happen to them.

Compensation for Mis Sold PPI

At first glance this seems as though it is too good to be true. It is. Investigations have been taking place and have uncovered evidence showing that sales staff have pressured borrowers in certain scenarios to purchase a payment protection policy and some reports show that the borrowers had no knowledge that they were paying for payment protection insurance. When a company fails to inform its prospective clients of the terms and conditions of the PPI insurance policy, the policy it is deemed as being mis-sold. If someone finds out that they have been mis-sold a PPI policy they may be entitled to compensation for monies paid to finance institutions for the PPI insurance bank charges and monthly payments.

The Problem with Payment Protection Insurance

Many borrowers are just recently finding out that the monthly payments on the credit cards, loans, car hire purchase agreements or mortgages include an additional surcharge for PPI insurance. If a borrower indeed has no prior knowledge to this surcharge having been included in their monthly installments it is reason enough to open up a PPI insurance claim back. PPI insurance claims happen on a regular basis because some sales people used unethical tactics in which to get the borrowers to sign up for PPI insurance. At other times, it was made to seem as though a person who is a student or is unemployed has to get this coverage in order to receive the loan.

How to Fight Back

In any case, the sales representative should have had full knowledge of the inner workings of the policies they were selling which gave the borrower an unfair disadvantage in trying to negotiate whether or not to get PPI insurance. This brings up the fact that PPI insurance is optional at all times and if you wouldn't be covered it is the lender's responsibility to tell you as much! When it is found out that there's a possibility of being mis-sold a PPI insurance policy you should try to get a PPI insurance claim back form to fill out. PPI insurance claim back forms simply need a little information to get the ball started rolling on the case such as your name, address and phone number as well as a few pertinent details pertaining to the PPI plan that was mis sold. At that point the PPI claims handler can use information to get you a PPI insurance claim back.

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