Payment Protection Insurance which is otherwise popularly known as the PPI policy has for some time now gained substantial amount of criticism from the consumers and other non-profit social organizations like the Charity Citizen’s Advice have strived hard to bring to light the huge profits made by the banks and lending institutions with this rather expensive insurance policy. In the UK, there were hardly any other independent insurance companies dealing with this format of an insurance policy that protects the consumer against the cost of the loan at times of sudden unemployment, accident, sickness and other severe financial crisis. The banks and credit card companies took advantage of this situation and sold these policies along with the loan as a protective cover for the loan bearer in times of unseen circumstances at rates that were substantially high. Besides the interest rates on the loan overall would increase as a result of the PPI policy rates.
The PPI market counts up to a whooping amount of £5.35 billion that are sold to the customers per year. Most of these are sold as associated policy plans with personal loans, mortgage, credit cards and other unsecured loans. The policy in itself isn’t a bad idea and it may even be fruitful to some. However, the real problem here is there are many others who might not be liable to use the insurance cover due to some policy rules that are apparently not communicated well enough to customers. They are sold the policies with insufficient information being provided in the process. While some customers are made to think that the PPI policy when bought through the loan lending institution is hassle-free some others are made to think that it is a compulsory buy.
Ever since the policy’s real deal has been revealed, citizens of UK have tried their hand at PPI claims through these loan lending institutions. Amongst the many claimants that hope to find justice only about 14% of them get a refund on their PPI premiums and interest rates and that too an amount that is lower than what they deserve. Most of the PPI claims that reach the parties concerned directly are rejected on various terms. But do not be dejected since you have the most customer-friendly FOS (Financial Ombudsman Service) or other reliable PPI claim companies to aid you with the various complicated procedures of PPI claims.
People can carry out the claim on their own but with a professional back up they could expect to be guided on the right part from Day 1 thus reducing the amount of time and effort spent in acquiring justice with the PPI claims. Make sure that you are not charged heavy fees for the same also you must know that a reputable institution would carry out your PPI claim and only when they get the necessary results will they charge the fee. You must chose your PPI claim provider carefully but Claims Complete Ltd is as good a place as any to start
If you feel that you have been mis sold ppithe you can begin your PPI Claim today Claims complete offer a no win no fee service which means you only pay once you have your compensation
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