How to qualify for PPI compensation
Payment Protection Insurance (PPI) is a product offered by many banks and financial advisors that allows consumers to safeguard their credit agreements. If people lose their jobs or become too ill to work, PPI can be vital to ensure that consumers can continue to make repayments on expenses such as personal loans or mortgages. However, over the past decade, thousands of policies were missold, making it vital for people to claim their entitled compensation.
There are numerous ways that PPI was missold, and it is important for consumers to determine exactly how cover was wrongly sold to them. It is a misconception that PPI is a required product for a credit agreement application to be successful. However, this was often used as a selling point by advisors, and people who were sold a claim in this way can apply for compensation. Meanwhile, some policies were sold to people who could not take advantage of the insurance, and those who were retired or self-employed at the time of the sale have a good reason to submit a claim. In other cases, some people only discovered that they were sold insurance after looking at their financial accounts, with cover simply being tacked onto the credit agreement.
If people were sold any insurance by the methods outlines above, then consumers have real reason to make a claim. In addition, with the average compensation now totalling around £3,000, a lucrative payment could be easily sought.