Some years back, credit card companies, banks, and other financial institutions sold millions of payment protection insurance (PPI) wrongly. This is what is described as a “mis-sold PPI.” Ideally, people with mis-sold PPI are those people that did not need this insurance or those that could never benefit from it. Moreover, it could be that the policy was imposed or you and you knew very little about it. As such, customers that have been victims of a mis-sold PPI are eligible for compensation. The best way to handle an egg ppi claim is by working with a PPI claims company.
Who sold PPI?
Major banks and other financial institutions in the UK sold PPI policies. As such, in case you had been operating a credit card or servicing a loan at some point, there is a high chance that you might have been paying for a PPI policy without your knowledge. The details of this financial scandal confirm that even the major names were involved.
Financial institutions have been accused of selling PPI to people who could not make a claim. You might be wondering why and how. For instance, selling a policy covering for loss of employment to someone who is self-employed, or a pensioner amount to gross violation considering that these people could never claim for loss of employment.
On the other hand, there are cases where the insurance was added to the loan amount. This had the effect of adding the loan amount, which meant the customer had to pay interest on both the premium and the loan. There were also cases where the insurance expired, and the client was forced to pay interest on an insurance policy that was never meant to protect them.
Making a claim
Banks and other financial institutions which guilty of mis-selling PPI are liable to compensate anyone with a valid claim against them. There is plenty of information about how to go about this. Some will tell you how you can handle this by yourself, whereas other recommend the use of professionals. Of the two, it is advisable to work with a PPI claims company. With an expert, you do not have to struggle with the rigorous process of making a claim. A good company will assess your case and determine whether it is justified. With a real case, they are best placed to help you make a claim