PPI Mis-Selling- "Hang On A Minute. It's Not Right". Say it, before it's too late.

It is unfortunate but it's before us to accept no matter what. As payment protection insurance claims rise, it brings many PPI mis-selling cases to the surface. As PPI is almost always optional, it has been gravely misused by companies. You may be able to claim PPI Compensation.

What is PPI?

Payment Protection Insurance, or commonly referred as PPI, is a written accord between the lender and borrower in the form of an insurance, which promises to shed an agreed amount of money on lender's part to help cover the borrower's monthly repayments on credit/store cards, loans, mortgages or catalogue payments in case the borrower is unable to work due to accident, sickness, or joblessness. It applies in case of his/her sudden demise as well.

To put it simply, the insurance company is legally bound to take the responsibility of the monthly repayments on borrower's behalf for a fixed period of time in some extreme cases. It is also known as ASU (Accident, Sickness and Unemployment) insurance, Account Cover or Payment Cover.

Must Know About PPI

• PPI is almost always optional
If you have got PPI as part and parcel of the deal without your knowledge, it clearly states that you have been mis-sold PPI. As it is always optional, the company must reveal it to you at the time of the deal.
• PPI only pays out for a limited period, usually 12 months
One must know that PPI is only going to pay for a limited period of time. So, be careful as far as this is concerned. One must know that it is the case.
• Employment Must for the Claim

One must be employed if one wishes to claim PPI. Now, if you are unemployed and wish to claim it, it would not be accepted. In case you are self-employed, PPI cover won't be applicable to you.

• In Case of Illness

In case of illness, you must note that it will be difficult to claim PPI for yourself if you already have or have had before, PPI stands canceled. Stress, backaches will not be entertained either.


Assert Your Right

As cases of PPI mis-selling arise, people need to be more confident and assert their right. It is their money. The institutions they are trusting, are duty-bound to give them proper care and assistance. Under no circumstances they are qualified to misinform them. As we witness problems in the payment protection insurance (PPI) market, if people start asserting their rights, it will not aggravate the problems further.

Improve Your Financial Literacy

One of the key areas so as to restrict PPI mis-selling to a large extent is through changing a person's attitude towards financial matters. Improving it is the answer. As it is quite a norm these days, there have been cases where people who were completely unaware as far as financial matters are concerned, to profess complete ignorance is a sort of sin which goes against oneself. That must be kept in mind always especially when it comes to Payment Protection Insurance.

Dare Say It

It's your money, it's your decision, and it's your duty. “Hang On A Minute. It's Not Right”. Say it, before it's too late. Stop PPI mis-selling and promote financial well being.