There are many people who are confused about the recent revelations of the scandals that revolve around payment protection insurance. Many UK banks and financial institutions mis-sold millions of PPI policies and have been ordered to pay compensation to their customers. This is what has led to the increase of PPI claims. Unfortunately the majority of people do not know how to go about the process of claiming their PPI compensation. There are many companies that have also emerged offering to handle PPI claims. Unfortunately some do not even understand how to go about it and will charge clients for no apparent reason.
What is PPI?
Before discussing the claims for PPI, it is important to start by understanding what PPI is. Payment protection insurance is a form of protections that is offered with financial products like mortgages, credit cards as well as loans and any other form of lending. The main aim of this protection is to facilitate the full repayment in the event that the borrower is not able to continue with repayments. The borrower may be incapacitated due to unemployment, sickness, death, accidents and other calamities.
In as much as there are so many genuine PPI companies, there are also so many that have conned many people. Over the past two decades or so, millions of people were victims of mis-sold PPI. This normally occurs when:
- The PPI was issued without the consumers consent.
- The consumer was given misleading information in order to get PPI.
- The terms and conditions were not fully explained before the agreement.
- The consumer was exempt from such a policy and much more.
Claiming PPI Yourself
The whole process of making PPI claims is quite complex which can be quite a task for an average consumer. This is why you should let a claims management company handle it for you. However, when choosing a PPI claims company, you should find one that has a good reputation. There are many people that have tried to make claims but failed terribly. Understanding the whole process will take so much of your time and therefore you should allow the experts to handle it for you.