Payment Protection Insurance (PPI) seeks to cover monthly repayments on credit card, loan and/or mortgage for various events, including unemployment, accident, sickness, hospitalization or death. The cover is sometimes referred to as credit insurance, loan protection, loan repayment insurance, account cover, payment cover or ASU (accident, sickness & unemployment) insurance.
A simple way of confirming whether you have taken up PPI is to check the product statement to determine the premiums paid. Furthermore, you can check the policy booklet and credit or loan agreement that shows the information on PPI.
· PPI complaint
It has come to the attention of the relevant authorizes that PPI has been mis-sold. Mis-selling of PPI was commonplace because the sales team was encouraged to sell the cover for their benefits. In most of the loan deals, where PPI was provided, the banks made a larger profit from the policy than they otherwise made from the loan.
As a result, banks and other financial institutions were advised to refund all mis-sold PPI. Therefore, it is advisable to find out if you are eligible for PPI claims. When you know the details of your PPI, you will know how to process your complaint. With the assistance of a PPI calculator, you will know how much PPI to claim.
· PPI claims
PPI was designed to help customers who for any reason, such as sickness or unemployment, are unable to make payments. However, in many cases PPI was sold to people who were not eligible, like the self-employed. A PPI refund is eligible if PPI was sold under the impression that it was a requirement for the loan type you were seeking.
You are also eligible for a refund if you were not sure what the PPI was or if it was factored on the loan. Therefore, if you suspect you have been mis-sold PPI, you need to find out how much compensation you are entitled to. Entering the correct information on a PPI calculator online will help you obtain a true estimate.
· Claims Management Company
If you choose to skip the PPI calculator, you can get in touch directly with a claims management company, by simply completing a quick claim form. You can talk to the company’s representative to help you raise a complaint. The company will be able to assess the information and recommend a way forward.
If the policy was cancelled more than six years ago, it is highly unlikely the seller will have documents supporting the transaction. Nevertheless, the claims management company will seek to perform the necessary investigations. If you have any supporting documents in your possession, the company will be able to use these documents to perform a full investigation.