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Is Your PPI Coverage Legitimate or Should You File for a Refund?

Payment protection insurance, which is more commonly known by a lot of people as PPI is a type of coverage that can be extremely helpful in times of great need. This coverage can take over paying the payments on a loan a person has taken out for up to a full year in the event that an unexpected situation were to occur making it virtually impossible for them to continue making payments.

There are however numerous men and women that may not even be aware that they are eligible to receive a PPI refund. This is because there is several lending institutions in the United Kingdom that includes credit unions, banks, and other financial establishments that miss-sold this coverage to a large number of different borrowers. There were several different tactics that were frequently being used when this payment protection insurance coverage was being miss-sold. To name some of the most common tactics that were regularly used on manyborrowers that were completely unsuspecting includes those that are listed as follows:

  • While it may be surprising, a large number of people were miss-sold PPI coverage without them ever having a clue it even happened
  • Many people were told that the purchase of this coverage was a mandatory step in being able to secure the loan they were applying for
  • Several borrowers were paying for their payment protection insurance in amounts that were in some cases higher than 4 times the standard amount, resulting in tons of people filing a PPI refund.

There have also been many self-employed and retired borrowers that purchased this coverage, with the belief that it could be of benefit to their family if they ever needed the coverage to kick in to help pay their loan payments. While they may have been told that payment protection insurance coverage would work great for their particular situation, the coverage is null and void to individuals that are retired or self-employed. This means even if they were to file a claim, it would be rejected. Any residents in UK that have faced this very same situation need to file a PPI refund so they can acquire the compensation that is owed to them for the insurance coverage that was miss-sold.

Once a claim has been submitted for miss-sold PPI, it must be processed within an eight week period. People that have received a rejection will want to contact the Financial Ombudsman.

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