The UK is in the grip of a financial mis-selling scandal concerning payment protection cover – otherwise known as “PPI”. This cover is added as an insurance bolt on to loan and credit card debts that borrowers accrue. The insurance whilst perfectly viable is prone to overcharging and in many instances has been completely missold to individuals who could never benefit from the insurance given their circumstances.
This cover is ideally suited to people who are in employment and through no fault of their own end up out of work. It follows that the cover is not suited to those who are self employed or already suffer from illness or ailments. However many thousands of people in this group were coerced into buying the cover. Many Polish nationals have wrongly assumed the cover was conditional upon them agreeing to the loan / credit card. This has never been the case.
For more advice on PPI compensation claims speak to a solicitor specializing in financial misselling cases
08 December 2011
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Payment Protection Insurance (PPI) is the type of insurance policy, which is designed to insure the cost of the monthly re-payments on loans, credit card or mortgages are covered, should you become unable to meet the payments, due to illness, injury, redundancy or unemployment.
ReplyDeleteIf you have taken out a loan, credit card or mortgage in the last 10 years, you could be entitled to claim a refund on mis sold PPI. You may have paid, or be paying, between 13-56% more than you should each month, on an insurance policy you weren’t even aware you had or one that doesn’t cover you for what you need.
Related: Compensation for Medical Negligence
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