Understanding Claim Rights for Missold PPI
Over the past decade, there has been a vast amount of missold Payment Protection Insurance (PPI). With the matter being publicly highlighted, and the law strongly supporting claims, there is no longer any uncertainly on pursuing a claim. However, there is a procedure that individuals should follow to ensure as swift and seamless claim process as possible.
A huge consideration to make is whether PPI has been missold in the first place. Borrowers who are jobless, self employed or retired are generally not able to take out PPI, and for those who are paying for such insurance, it is very likely that it has been wrongly sold. In addition, for those who were never told of the insurance, or were told that the cover was mandatory, a strong case for a claim will be held.
Banks often sold people insurance because they wanted to cover the risk that any financial commitment could be held if borrowers lost their income. In some cases, individuals were told that having PPI would increase their approval chances. This is another falsity and gives a strong claim right.
For all those who have been missold PPI, making a claim is an important step to recoup lost money. Using professional services can ensure that you get as much compensation as possible in relation to any wrongly sold policy. This could range from a few hundred, to thousands of pounds. In addition, by ensuring that claim rights are strong, individuals could see a financially healthy start to 2012.