Insurance

Many people have fallen prey to mis-sold payment protection. Lack of information on appropriate steps to take to make claims for PPI mis selling has seen many of such people suffer financially as a result. To be able to make a valid claim for payment protection mis-selling, you need to have basic information regarding the same.

Most lending companies make false representations to their clients making them believe that they require the loan protection insurance when actually they do not. In other cases, some financial firms make payment protection appear compulsory while it is actually optional and only for those who really need it.

Usually, any policy that is sold together with a loan application is always more expensive than an ordinary policy. Not only will the premiums that you pay monthly which will be higher, but also the premiums will be included in your loan without prior warning from the credit provider.

It is important to note that no credit provider has a right to force you to take up an insurance that you are not comfortable with. Mainly, people take payment protection as a form of protection if they are not able to cover their monthly payments. This could be as a result of unemployment, illness among other circumstances.

There are many ways in which payment protection insurance can be mis-sold. The most common way is where a financial lender will add payment protection to a customer's credit card without informing the latter. Some lenders add this insurance to a loan or mortgage without making the customer aware. In some cases, customers are forced into believing that having payment is compulsory or that taking payment protection will increase their chances of obtaining a loan. All this amounts to mi-selling and you should be on the lookout for such. Frequent checking of your credit card will help you know if there are any premiums being deducted without your knowledge.

If you are not sure of how to go about it making claims for mis sold payment protection, you can approach various agencies that specialize in this kind of work. They will make the claim on your behalf and follow up until you get the compensation. Usually these companies do not charge any form of fees until your claim is successful. This means that the claim does not succeed, you have nothing to lose.

Claims for payment protection are worth quite an amount and therefore once you have realized that a policy was mis-sold to you, it is important that you make your claim. You will not only be refunded all the premiums that you have paid but in addition, you will be given an interest of 8% on all the premiums paid. Ensure that you have all the information you need regarding claims for PPI to avoid getting a raw deal on a loan or mortgage.