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PPI Mis Sold Claims Compensation

Loan insurance and payment protection insurance (PPI) mis sold claims compensation is the hot topic in the UK. With over 30,000 complaints in 2009 and an additional 50,000 in 2010 is easy to see how it became such a hot topic.

PPI Cause and Effect

During the past ten years there was a lot of ppi mis sold. If one was to look at the meaning of PPI can be easily understood that there just had to be a bad side to it. Loan protection, loan insurance, or payment protection insurance is described as a certain type of insurance in which its coverage covers the cost of loan payments, credit cards, car payments, or mortgages if a person becomes sick and unable to work or loses their job. The biggest discrepancy concerning PPI was eligibility. There are many ways to become ineligible for PPI coverage such as:

  • If when you try to use your coverage on the basis of being ill but are receiving sick pay you are ineligible.
  • If from the onset of the payment protection, loan protection, or loan protection insurance you were diagnosed with a pre-existing health condition you are ineligible.
  • If during the application process, the applicant was unemployed or self-employed or students then they are disqualified.
  • If the person is over the age of 65 they are disqualified.

Where to Turn?

The United Kingdom's government has officially ordered all of the financial institutions that took part in mis-selling PPI to repay the money to said policyholders. There are in fact so many problems with mis sold PPI that companies are being created to fight for the rights of the borrowers. Now there are experts on PPI mis sold claims compensation who can help you in your time of need. Banks, loan officers, and credit card companies are aware that PPI mis sold claims compensation varies from person to person. However, most are getting approved at the appeals level and the average claim is just at £2,000.

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