User:AnchetaGladney511
Ppi insurance is taken to protect a lender or financial institution from the risk involved in handing out money on loans, credit cards, mortgages and more. If the borrower is unable to repay the debt due to accidents or illnesses that make them unproductive, the PPI comes in and settles the debt for a certain period of time.
There are those lenders that will require you to take the PPI along with the loan or mortgage and will not work with you until you've done so. It is however optional with other companies and you will have less to worry about.
Here are some mis sold ppi cases we've compiled for you;
Forced mis sold PPI
A forced PPI is when the lender refuses to give you the loan till you've taken the PPI. This qualifies as a mis sold PPI since you had no choice. In this case you can make your claim once you have finished paying the debt.
Lack of information about ppi claims
In this case, a banker or sales adviser fails to tell you that the loan comes along with the ppi insurance. What you do in this case is assume that the PPI was forced on you and can make a reclaim once you are through repaying.
PPI assumptive sales
Most of the time, a sales adviser will assume that you need the policy and will add it to your loan without your consent. If you find yourself in this kind of situation, you qualify for a reclaim as the adviser is supposed to check whether you need the policy or not before handing it to you.
Worthless PPI
There are situations when a PPI claim is pointless to a client. Instances here include when the borrower was self-employed, unemployed or retired when they were being sold the ppi insurance. This qualifies as mis sold PPI and one will be in a position to make the claims once the debt is settled.
Failure by sales adviser to establish ppi reclaims A Sales adviser may fail to check whether the borrower already has a policy they are working with. They could be unemployed and so may already have a policy. Once again, if they settle the debt without any hitches, they can make the claim which could see them get refunds of huge chunks of money.
If you fall under any of these situations, then it is your right to make a claim and get your PPI refund. We are currently or are just from going through rough economic situations and every single penny counts. The money from these claims will save you a lot of trouble especially if you have spent a lot clearing your debt.
