I’ve heard of payment protection insurance but what exactly is it?
PPI (payment protection insurance) is a financial product of the insurance to that is designed to protect individuals in the event that you cannot make a payment for some unforeseen reason in the future, it is a protective insurance arrangement that is designed to provide peace of mind for people that wish to protect their payments from any future issues.
The way this works in practice is if an individual defaults on a payment, then the insurer will make this payment on their behalf because the customer has paid into an insurance policy previously, this is known as payment protection insurance and it goes by many different names including: payment cover, payment protection cover, loan care, and accident and sickness cover/insurance.
In principle, payment protection insurance (PPI) should be a good financial product however the issues with PPI and not with the product itself but rather with the way the product has been marketed to British society, by the major financial corporations and providers of loans, mortgages, store cards, and credit cards.
So what is the problem with PPI?
The problem with PPI and the way that it has been marketed to British society is a misleading way in which it has been forced upon the British public.
Most of the major banks and many of the major mortgage providers and long providers and providers of credit cards have all sold payment protection insurance in a way which is either made the products seem as though it is obligatory or in a way which was less than transparent.
Not only that but in certain cases people have been tricked to thinking they need this insurance by the unscrupulous sales methods of many of the major financial corporations, meaning that there have been a huge amounts of people who have been misled into taking out insurance that they did not need in the beginning.
So what are the knock-on effects of this?
This means that millions of people across the United Kingdom have been mis-sold, misled, and basically “ripped off”, for over a decade.
The amount of money that was taken from customers all over the United Kingdom under false pretences is thought to be in the billions, with millions of people all across the nation all unknowingly having these policies attached to loan agreements, credit cards, and all manner of long-term financial agreements.
People of the UK are owed billions collectively, in compensation for the actions mentioned above.
What can British residents do about the problem?
You can write a letter to the financial ombudsman detailing how you feel you have been mis-sold payment protection insurance expressing your dissatisfaction and discontent, also mistrust of the major financial corporations working in and around the UK.
You can also write to the banks detailing how you wish to make a complaint about what’s happened, and their actions and asking for a refund on any policies that you feel were mis-sold by them.
All you can make contact with a PPI claims provider, who can handle your claim on your behalf if you choose not to take this up by yourself.
One company in particular that is talked about often is a company called PPI claims 4 you, this is a Yorkshire-based PPI claims company who excel at helping people successfully claim compensation for mis-sold PPI policies, they also claim back interest on any policies mis-sold.
Why is this so important to British people?
It is important to exercise your rights and reclaim any cash that is owed to you through something that has been mis-sold, also a sum of money that could be all to you (if you have a claim) could be rather large average claims have been in the region £3000, and you might have multiple claims in the event you have multiple mis-sold policies.
If we allow the banks to get away with and they will continue to mis-sell products to the British public, this is something that we should take responsibility in stopping but only for the future of ourselves but also for our children.
If we do something about this now we can show these corporations that this will not be tolerated, huge numbers of people up and down the UK are trained in facilitating PPI reclaims, this is not something that you must suffer in silence – people are available to help.