PPI Reclaim Procedure

If you have been sold a payment protection insurance policy without being aware of it, you have been fraudulently sold PPI. The aim of the PPI is to ensure a cover to repay your credit card, loan or mortgage repayments in an uninterrupted manner even in a situation where you have been suddenly left injured, ill or in any other position due to which you are unable to continue making your repayments.

But most people are not told about the PPI as an option. It is normally put across in such a way that it creates an impression that PPI was mandatory. Borrowers then pay premiums for an insurance policy which they neither needed nor did not know existed so that they could use it to financially cover them if actually a need arose.

Many people in the UK, after knowing that they have been missold, are making payment protection insurance claims. In many cases, the PPI was added as an annex to the loan without being fully explained to the borrower its purpose. Sometimes, even though the PPI was briefly explained, the full costs to be incurred by the borrower were not explained. Some were self-employed or unemployed – both conditions making them not eligible for PPI, when the loan was taken. In all of these instances there are grounds for a PPI reclaim.