Every day there are thousands of consumers who look to get their money back on mis-sold Payment Protection Insurance. This started happening upon the discovery of a massive mis-selling scheme employed by banks and other insurance brokers just to gain profit from the policy. And even though PPI was created to protect consumers from being in arrears with their credit accounts by covering a percentage of their repayments in the event of accident, sickness, or unemployment, majority of the sold policies were invalid and were deemed to be useless for others.
For one to take a Payment Protection Insurance alongside their credit card, loan or mortgage, they should pass the eligibility requirements. They need to be at least 18 years of age and not over 65, without any pre-existing medical condition, and must be employed full-time without any impending changes on their job status that could limit their chances of getting the benefits of the product. If one is not eligible and still was made to buy PPI, the policy will be good as dead as they won’t be able to have it cover their repayments if they needed it.
Also, PPI information should have been made clear to consumers upon being offered in the first place. Details of the costs and how it will be charged, the duration of the policy on the account against the expiration of the credit agreement itself, and other pertinent information must be discussed to the customer. PPI is also not a mandatory product or is a never a condition on the approval of any credit application.
Most importantly, signing up to PPI needs the customer’s awareness and permission for it. A bank or any insurance broker should not in any way attempt to forge the signature of their customers in the agreement form. And needless to say, their need of the product and its suitability to their current financial situation must have been clearly established before the sale.
If these were not talked to you about and you were still forced to buy Payment Protection Insurance, then you can make things better and right by reclaiming your money through the help of PPI claims advisers and companies or by doing it on your own. What you need to have to get started is a sufficient amount of information and paperwork to prove your case.
Start by checking your account documents for any PPI policy applied alongside it. You can have one on your credit card and another on your loan and mortgage. Look through your statements and credit agreement forms for any reference to payments made to PPI and the length of time it has been sitting there. You’ll be surprised at how much you have roughly paid to it over time, plus the interest it has accrued. [Read more...]