Payment Protection Insurance or PPI is having a bad time of late, in terms of press coverage and banks being fined many millions for the mis-selling of the product that protects you against accidents, sickness or illness that would mean you were unable to work. The policy would pay your creditors any required monies in the event of you being unable to under the criteria of the policy itself.
PPI, despite its misgivings is a good product, if and only if you are the right person, in order for it to be useful you really need to read up on the criteria of the policy. Please also be aware you don’t have to take PPI in accordance to your bank saying so, the policy can be taken out from external providers, which is usually cheaper anyway.
PPI claims companies are becomming more and more prominent in the financial claims market, the average customer can claim back around £3000 and with an estimated 32 million policies in the UK beign mis-sold it is turning into big business.
Currently the Financial Ombudsmen Service is battling it out with a selection of major banks to descipher what is the best route for sonsumers to reclaim Payment Protection Insurance policies that have been mis-sold over the pst 6 years.
To make a PPI claim, you can use one of many comapnies out there doing a great job for its customers. The best way to find these would be to use Google and type in “ppi”, there you will find the best placed providers to claim back mis-sold PPI.