Bank loans and mortgages are few of the borrowings where Payment Protection Insurance coverage is applicable. The selling of a PPI has been a way for many brokers to earn money from commission they could obtain by selling it. These brokers are often motivated by the commission they will be getting from increasing sales, in which often, they are after what they could get rather than looking into your needs first. If you have an illness before you have availed the PPI policy but you were told that the policy will cover for it in reality, it will not, then you have a mis sold PPI policy. In this case you could file for a PPI claim, to reclaim what you have paid for the PPI that was sold to you improperly.
The intent behind PPI is simple, it is a coverage that is designed to cover your contractual payments in case you can not make them on due time due to some regrettable events like sudden illness, accident, or has been retrenched from work. This situation will qualify you to use your PPI policy. Thus, many ended up paying for their policy but were not able to make use of it.
PPI policies are often sold along loan or mortgage that you took out from the bank. In case you have purchased a PPI, you will find there's a contract contracted with it, it bought to be stated in the contract that you should have been aware about how you could possibly avail of a PPI and so, if perhaps you were not told that your particular loan includes a PPI attached to it, you've got a mis sold PPI then. The worst of all situations is that you will likely be spending money on something which is probably not of help to you with similar interest as that of your loan.
Having our loan approved gives us a sense of relief from the very tedious process of application for the loan, and furthermore, as we are relieved, we very often pay no attention to being aware of what could possibly be the additional charges stipulated in our loan or maybe, we had been compelled to purchase the PPI too. Everyone who has purchased a PPIought to know that the purchase of this insurance policy is not mandatory, therefore not a soul has obtained the right to force you to purchase the PPI, with this you could potentially be eligible for a PPI claims .
To file a claim for your mis sold PPI, begin by examining the contract of the policy. There could possibly be conditions and terms stipulated therein which will strengthen your PPI claim. It's also advisable to ask for the assistance of a lawyer to help you with your claim. You can help him too by trying to explain to him how you have availed the mis sold PPI. There are specific conditions that need to be fulfilled before you could possibly file for your claim, your age will need to be taken into consideration too together with your employment status. Move forward knowing, that you will end up reimbursed from the overpayments you had with the mis sold policy.