If you are one of millions who was mis-sold PPI, or payment protection insurance, in the past ten years, you might be entitled to a repayment of the premiums you were required to pay. Mis-selling payment protection insurance has been rampant in the United Kingdom until very recently. There are standards that are necessary when selling this particular type of insurance product. Because of the major repercussions of this inappropriate sales of payment protection insurance policies, most banks and financial service organizations in the United Kingdom have cleaned up their acts. Consumers are submitting claims to the companies for a reimbursement of premiums paid.
To understand if you are eligible for PPI reclaims, a general comprehension of the nature of payment protection insurance is essential. Some people may not even realize they have this type of insurance because of inappropriate sales techniques by financial services professionals. These bad practices include automatically putting PPI in with the loan or credit card, not disclosing the full price of the insurance product, or not disclosing important commission information. Other criteria are available on claims advice websites. Millions of policies were mis-sold to consumers in the United Kingdom. Billions in reclaim money is expected to be paid out to these borrowers as the extent of the problem is fully revealed.