Mis-Sold PPI – How Would You Know If You’ve Gotten One?

In the United Kingdom, there is one issue regarding financial insurance that is causing a ruckus among consumers. This is the payment protection insurance or the PPI. According to the records of the FOS or the Financial Ombudsman Service, they have already received more than six hundred thousand complaints regarding the payment insurance. 

In fact, they have been receiving complaints these past few years however the majority of complaints were filed only last year. To control this issue, the FCA or the Financial Conduct Authority has administered new powers to regulate the entire financial sector. They have also resorted to suspending products that are flawed and sold to the wrong demographic.

 

The policy has been made available to the market in 2001. Because of this the number of mis-sold PPI has already reached 34 million policies. Imagine the frustrated, not to mention the irate customers who have gotten one of these policies. Some financial institutions like Barclays, Lloyds Group, HSBC, and the Royal Bank of Scotland have already made means to appease the affected customers by allotting over fourteen billion pounds. 

The massive and persuasive efforts of the bank are responsible for a lot of policies sold. The sad truth about it is not all customers are aware of it. To file a claim, you must first identify if you have purchased the product. You may not be aware of it but some of the financial institutions to sell the payment insurance is they make it a bundle with other credit products or have them a requirement for getting a loan. You could also identify them in other terms such as credit protection insurance, credit insurance, or loan payment insurance.

After you have identified you have purchased a PPI, then the next thing to consider is when you have purchased the product. To make a valid claim, the product should have been bought within the last six years. For PPI purchased beyond six years, you don’t have to worry. You still can make a claim by securing a copy of the original paperwork or check out this site http://ppiclaimscentral.org/.

The next step is for you to check the instance where the product was sold to you. In most cases, the successful claims were those people that were clueless that they already bought the product. Buying it because it was a requirement is another qualifying factor to have a successful claim on this.

People who are excluded from PPI are people who work in a family business, self-employed, no regular job, students, and those who don’t have a job. If you got a PPI even if you are excluded, you are qualified to make a claim. 

Now that you have identified that you’ve got one of the mis-sold PPI, better work with a claims company to save you all the hassle in filing a claim.