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PPI claims have gone through the roof in recent years as people who took out loans, had credit cards, or have mortgages try and recover mis-sold payment protection insurance premiums. In the year 2010 there were almost 50,000 cases of PPI claims which was almost 20,000 more than the previous year. The payment protection downslide started in the year 2006 when the OFT (Office of Fair Trading) and the FSA (Financial Services Authority) published reports containing concerns regarding the manner in which payment protection policies were being sold.

PPI What Is It?

Payment protection, loan insurance, or loan protection is a form of insurance that is usually attached to financial products such as bank loans, credit cards, and mortgages. It was established with the intent of providing monetary coverage for the bills that come with those loans if a borrower was not able to work due to sickness, accident, or unemployment. The big problem with most of the policies mis-sold was that they broke a PPI law in some way or form constituting payment protection insurance being mis-sold.

No Cover Prompted Investigation into PPI Law

Furthermore, many people could not get the coverage they paid for which prompted an investigation into a more specific definition of PPI law. If when you signed up for payment protection insurance terms and condition were not clearly explained then the lender may have broken a FSA PPI guidelines that would entitle you to file for a PPI reclaim. If the cost of the payment protection policy was not explained to you also the lender could be breaking a PPI law and additionally, if you are not asked about any pre-existing medical conditions that may disqualify you. As well, if you already had coverage from another payment protection, loan insurance, on loan protection firm you could be entitled to monetary compensation.

Remember, payment protection could be worked into the contract of any financial agreement small or large ranging from small credit card loans up to car and home purchases. If you were unaware of the being sold PPI you have been a victim of one of the most heinous PPI crimes by lenders breaking the PPI law governing the process of obtaining payment protection insurance. If you feel as though you were wronged by financial institutions obviously the best thing to do would be to get in touch with a payment protection insurance claims company who may help you on the path of reclaiming money spent on fraudulent loan protection policies.

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