If you are one among the numerous people affected by the PPI scandal, knowing about the PPI claims procedure will help you get a PPI refund easily. Payment protections insurance is a policy created to provide specific cover to credit card payments or loan payments if you are not able to pay the dues properly due to being unemployed or incapacitated by medical issues, but it was consistently deliberately sold to people without their consent and often to people who were not even eligible for the policy – rendering it a complete waste of their money. The policies earned banks and their sales staff millions in profits.
Mis-selling by Financial Institutions
The mis-selling of PPI has emerged because banks or the loan providers sell the policy to the customer without explaining the PPI basics completely. In some cases, the policy providers even lie about the policy saying that it is a compulsory one that should be taken with the loan or mortgage which the borrower has approached the provider for in the first place.
In a judicial review brought up in the PPI fraud case, the court has ruled the judgment in favour of the borrower saying that the claims made by the bank concerned was not fair as all of them were retrospective in nature. With this monumental decision, the numerous cases that were put on hold earlier will now be processed and PPI refunds should be given to the affected persons in the correct manner.
If you have taken a loan or mortgage in the past six years, you need to check if the insurance is also included. Though many PPI policies were mis-sold, not all of them were done so. You need to check whether your policy covers all the proposed terms and meets all the criteria. If you have been mis-sold to, you need to make a claim either on your own or you can get help through a PPI claim agency such as at www.PPIClaimsAdviceline.com to resolve the issue.