Payment Protection Insurance or more commonly known as PPI is a type of insurance that is being offered if you apply for a mortgage, auto loan or credit card. The primary purpose of PPI is to cover loan repayments in case that the borrower is no longer capable of paying it. However, due to many mis-sold policies, borrowers now think that PPI policies are a big fraud. The truth is, fraud may happen to any insurance coverage. Thus, you must always pay attention to every detail when acquiring an insurance policy.
It’s worth noting that PPI policies are very useful especially in times of financial hardships and anyone can get a PPI policy. However, things can get out of hand when companies begin to misuse these insurances. In addition, with a significant number of mis-sold PPI policies, borrowers are now skeptical about the whole idea of getting this insurance.
Misselling of the PPI policies happens when the loan company fails to keep their word. Many financial institutions offer this kind of coverage, and at times, they do not follow the whole procedure thoroughly, and it eventually leaves their customer hanging. Also, many of them will sell this policy to borrowers even if they are not eligible. Some are talked into purchasing policies by pushy sales people, and they will insist that PPI coverage is mandatory before a loan can be approved.
Now, if you applied for a mortgage, auto loan or credit card in the last ten years, chances are, there was a PPI policy that came along with the loan, and it may be missold to you. On the lighter note, with the significant increase of missold PPI policy, the demand for PPI claims companies increased as well. Therefore, if you are planning to file a claim, there’s a lot of skilled and reliable firms that can help you with your ordeal.
Now, if you want to reclaim your PPI on your own, then you have the freedom do it. However, keep in mind that PPI reclaiming is not a walk in the park nor a piece of cake. You must be familiar with the process and the technicalities of the policy. Also, it demands your time and effort. Thus, it is always advisable to acquire the services of financial claims specialists. It will give you a peace of mind knowing that someone who is capable of getting the job done is committed to working and winning your case.