Recent media coverage has shown that a large number of people are entitled to claim for mis-sold PPI, leading a number of people to begin offering this service. The problems surrounding mis-sold PPI have dominated finance news for some time – but how do you know if you’re entitled to make a claim?
When determining whether you are entitled to make a claim or not the first thing that you need to do is understand what mis-sold PPI actually is. PPI stands for Payment Protection Insurance and is a financial security product which is designed to cover repayments for loans and other money lending products should you be unable to do so. This will typically occur following the loss of your job or if you are forced to take time off due to illness or injury.
The problem with these policies is that a number of them were mis-sold to unsuspecting individuals when they obtained loans and other financial products. In these instances the PPI was either not clearly explained or it was offered to individuals who were not eligible for it.
For example, people who had an underlying medical complaint would not be able to receive their PPI payments if they were struggling due to illness. This means that if these individuals were paying for Payment Protection Insurance then they were effectively purchasing a policy which was not designed for their needs.
Another example of this is over people who were unemployed when they obtained their financial product. PPI is designed to protect payments when an individual’s source of income becomes disrupted – due to the loss of employment or illness. Therefore, applicants needed to be in employment at the time of taking the loan or product for the PPI to apply to their situation. Anyone who was unemployed at that time and still received PPI was mis-sold it.
Therefore, the main cause for PPI claims is the lack of information. Recent media coverage has found that a number of people were not aware that they had purchased the protection whilst many of those who did were not told exactly what it covered and how much it would cost them.
This means that a large proportion of individuals are entitled to make a claim for this – offering them a refund for the money which they lost through this product. When making a claim it is important that people have their policies reviewed by professionals in the field in order to determine whether or not they had the policy mis-sold to them. These individuals will be able to advise on the best course of action and can therefore help people to seek their entitled compensation.
When making PPI claims it is vital that individuals use a trusted and reputable service for their claim. Independent services are often considered the best course of action because they may provide access to a fairer claim settlement and will not have a hidden agenda over these types of claim.
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