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How PPI Works?

Payment Protection Insurance or PPI is as the name suggests, there to offer you insurance in case you cannot make payments to your creditor. Although In April 2011 the High Court ruling proved this to be otherwise.

There are other entities that PPI is known as:
Accident, Sickness and Unemployment cover (ASU)
Life & Accident, Sickness and Unemployment cover
Mortgage Payment Protection Insurance
Personal Loan Protection
Credit Card Repayment Protection
Irrespective of its name, all of the above follow the same principles as PPI.

It is important to clarify that not all PPI cases were invalid and some people did benefit from this service. The reason that the High Court’s voted in favour of the mis-sold PPI reclaims is that it found discrepancy’s in the authenticity of the sale to many clients. This is reflected in the millions of cases that are being mentioned in today’s headline news.

If the company wanted to sell or offer PPI to a client, it should have outlined the following:

a) The costs involved
b) State that the policy was optional
c) Give a breakdown of how it works and what applies/doesn’t apply
d) Provide the full policy documents
e) Request information about any pre existing medical conditions you may have had
f) Require Employment status

When viewing the list above, it is clear that the PPI policy was often sold without much investigation. This was done to boost both the companies profit margins and the commission of the advisers offering the service. This is why many people are now entitled to a PPI reclaim.

Reclaim Your Payment Protection Insurance (PPI)
In order to reclaim your PPI, it is important to distinguish between whether you were originally mis-sold or whether you actually needed the policy.

So When is PPI Mis-Sold?
Mis-sold Payment protection insurance happens when the customer isn’t fully aware of their consumer rights, and asked the proper questions whether they actually needed Payment Protection Insurance during the sales process. The client should have been informed that PPI is not compulsory and can be offered from companies other than the original lender if they are cheaper. You should also be fully aware that you are opting to take Payment Protection Insurance and needed to have been in employment at the time of taking out the loan or credit card.

The Outcome
In the millions of cases we hear about on the news, customers were not fully aware of the options available for PPI and as a result may be entitled to initiate a PPI reclaim.

PPI Winners can help you reclaim Payment Protection Insurance. Contact us today to discuss the PPI claims process, or fill in one of our claim forms from the website and you could reclaim thousands of £’s.

What to do next?
Call us today on 0800 978 8193 to discuss your PPI claim further.

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