Payment Protection Insurance (PPI) policies exist as a safety net
to help people when something unexpected happens. These policies cover the cost
of a customer’s loan or credit agreement if they become seriously ill or
unemployed.
The idea sounds great in theory, but the reality of PPI is rather different.
Policies usually only cover certain types of illness, certain unemployment
circumstances and the period of cover is not indefinite. This deception clearly
has had dire consequences for policy holders. Not only have they not been
covered for most eventualities, but many haven’t actually needed the policy in
the first place. Worst still, the true cost of the policy was usually hidden
too, as a premium added to the loan agreement.
Unsurprisingly, financial institutions are to blame for this. They found that by
selling PPIs as part of loan packages they were able to make substantially more
money from the resulting premiums. The PPI was added to the total loan value, it
would make them interest as well. Many hoodwinked customers into believing that
if they didn’t take out the PPI as part of their loan then they might not be
entitled to that loan at all. Which left the customer with little choice but to
sign up.
Put simply, if your PPI policy was not fully explained to you when you took it
out, it may have been mis-sold to you. If this sounds familiar, then please give
us a call. Claims Justice offers a FREE claims consultation for
all your PPI concerns. And in the event of a compensation claim, we have the
expertise, experience and systems to maximise your chances of success.
Why not see if we can help you? Apply online or download our simple application form.