Insurance provider institutions aim to aid people suffering financial problems. They offered an insurance policy which will help their customers during unfortunate events. However, the selling of the insurance policy was tainted with malice and deceit which resulted to the filing of PPI refunds. Claims for PPI refunds are only applicable when customers were able to establish the fact of fraud or deceit. The mis selling of the insurance coverage comes in many ways. It includes an instance where the customer was told that the insurance plan is an obligatory requirement so that the contract of loan or mortgage or credit cards will be granted.
There are various and numerous insurance products that are offered in United Kingdom and the most controversial one is the Payment Protection Insurance policy or PPI policy. This insurance product is designed for the advantage of the customer. It operates to cover the contractual payments of the customer when he cannot make repayments to his outstanding financial obligations due to some unfortunate events like sudden illness, accident, or has been retrenched from work. This insurance product, however, covers only the debts that were specified in the contract or those that were subsequently agreed by the parties. However, this insurance policy has been mis sold to the customer. A customer who has been mis sold PPI can file for PPI claims to recover the money back.
Most of the insurance policies are mis sold policies. A mis sold payment protection insurance policy or mis sold PPI policy is one where the buyer was required to take the insurance policy alongside a loan or mortgage or else the loan or mortgage grant will not be approved. When you are suffering so much financial problem, you have no right but to take the insurance policy just to have the loan or mortgage and thereby pay other financial obligations without assurance that you’ll be able to get PPI claims.
When you have been mis sold PPI, you have the right to file an action for PPI claim against your insurance provider. Such right is afforded by the law in favour to the distressed borrowers who were deceived into buying one. Of course, if you want to be successful in your claim for PPI refund, you will have to retain the services of a claim solicitor.
Do not do it alone as you are just wasting your time, money and effort. You lawyer can give you so much advice with regard to your PPI claim. He can even assess whether you have a strong claim or not. Do now worry about the lawyers’ compensation as you will not be required to pay him upfront if he is offering a no win no fee conditional agreement.