Mis-sold payment protection insurance, abbreviated as PPI has attracted many headlines in recent years. However, what exactly is PPI? How was it mis-sold? How can you claim compensation if you believe PPI has been mis-sold? How has it, or can it, be mis-sold? Read on to have these questions answered.
PPI was designed with the purpose of protecting individuals that took loans against challenges that might limit their ability to pay loans. This insurance was primarily meant to help those in employment. As promising as it sounds, most credit card selling companies, banks, and other financial institutions have been busy mis-selling PPI using different ways.
How was PPI mis-sold?
Mis-selling PPI was done in many ways. First, some lenders made it a necessity when taking the loan. Another way this was by selling a PPI policy that could not cover the loan fully, which meant that you would not have received any assistance during your greatest point of need. PPI policies were also mis-sold was when it was sold to people who were not in employment despite being covered for loss of employment.
Dealing with PPI Mis-selling
If you feel like you have been a victim of PPI Mis-selling in the last few years, you might be probably thinking of the best course of action to have your money back. One way of going about this is by seeking the services of a PPI claims company. Ideally, these companies have capable and experience people that can pursue your claim and get you what you are entitled to.
Of course, it is still possible to pursue your claim. To this, you need to have the all the time to pursue your case. You also need to have the right skills needed to present your case. In most cases, going at it alone does not guarantee you the exact amount of claimed ppi. The only way you can be sure of getting the maximum amount you are entitled to by working with a company that specializes in handling these claims.
Whom should you hire?
Knowing well that you need a PPI claims company to get out this, you might not be so sure of the company to choose. In this regard, you should choose a company with a high success rate. It should also not charge anything if the claim is not successful (No Win, No Fee).
So if you had a loan, or credit card with PPI and you feel convinced it was not sold in the right way, do not hesitate. Present your case to a PPI claims company and leave the rest to them.