in recent years, there have been over 20 million PPI policies sold by financial institutions, including banks which about £ 11 billion is owed as compensation for customers. Most PPI policies have been mis-sold, as it is impossible to claim them, for example, if the policy holder is self-employed or whether they are students. And besides politics was both on the price range given.
About PPI
PPI (payment protection insurance) is a type of insurance policy that is added to the cards, loans or credit mortgages and also in cases of financial loans taken for catalogs, cars, etc. the objective of the policy is to provide coverage for monthly payments of the premium, if you lose your current job or are unable to work due to illness or accident.
Reason Mis-selling
It was found that mis-selling has been happening since 1991 and the policy has been grossly mis-sold by institutions provide funding for individuals. Most often, the PPI policyholders were misled by the figures and facts, people can buy the policy. It was in the year 2006, the differences were noticed and companies fined.
Confirming Mis-sold PPI
Many people are not even aware they have bought the PPI policy can be sold in several forms and other insurance products. It can be called as loan protection cover or ASU (accident, sickness, unemployment), or as credit protection. Since most often the lender insists on it being mandatory, it was sold to many people who do not need actually.mortgages and personal loans are the common loans
PPI was sold along with. In some cases, PPI is sold with mortgages where customers are persuaded to sign an initial payment of five or seven years and the policy is added to the loan. This type of single premium PPI was banned today by the Financial Services Authority.
Compensation You are entitled to
With the scandal of PPI being known to the public, if you are among those who have been mis-sold politics, there are easy ways to calculate the amount of the rebate you can get for your PPI policy. PPI calculator shows online is a great help and makes the work easier calculation. If the mis-selling is confirmed, you can get an average of about £ 2,750 compensation.Although some banks inform clients about the refund mis-selling and offer if you are not informed, it does not mean that the mis-selling does not happen in your case. If you have the necessary documents and are complete with the paperwork, you can still apply and get your compensation.If you do not have the necessary documents to corroborate your claim, you can request a copy of your credit report with reference agencies like Equifax, Experian or Callcredit find on credit cards or loans you have taken over the last six years.If the bank or financial institution still refuses your claim, you can take the request to the Financial Ombudsman Service or even approach a claims management company.
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