Known as Payment Protection Insurance, PPI is generally sold with store cards, credit cards, mortgages or the specific loans. Aimed to ensure the repayments in the hard times due to accidents, illnesses, loss of job, death or other adverse conditions, PPI is the best way for not being blamed for becoming defaulters as regards loan payments.
Millions of people across the globe were mis-sold the PPIs that put them to huge monetary losses. But they could get their money back by filing PPI claim. Those having had the mortgages, loans or the credit cards could be the victims of mis-sold PPIs. They were aimed at covering the monthly payments for honouring their credit agreements in the events of being ill or losing their jobs or the like conditions.
The sales counter staff at the insurance companies often failed to explain the worth of the policies to the buyers in proper manners. It often happened that ineligible people including the serious patients or the self-employed people were often sold the policies. Consequently, it resulted in bad payouts of many policies when the same were actually needed. The other major reason for this flaw, i.e. mis-selling is the high commission of the agents that enjoyed it to the tune of up to fifty per cent of your own commission. If you were not aware of the fact because the staff at the company did not tell you about it then you may also be owned the compensation as you are the person that was mis-sold the PPI. Thus this is the particular case when you did not realise about the misspelling of the PPI to you. Many guys like you have also fallen victims to such scandals.
Filing the claim – There is no need to hire any claims management companies a few of them could take a huge chunk of your PPI compensation. Do the task on your own by finding the requisite documents and making their copies. It could be anything that indicates that you had purchased the policy and the same was duly paid by you. If you do not have the relevant documents, then you can contact the credit card, loan or the mortgage provider who had sold the PPI to you. Approach the bank websites that could be much helpful in facilitating the standard forms that are used by the FOS, i.e., the Financial Ombudsman Service. Be wise to send all the relevant documents by explaining the reason that you consider to be the cause of misspelling the PPI. It takes a period of about eight weeks for the Ombudsman or the company to respond in the shape of sending a questionnaire to you that may be duly filled by you and file the claim. It is advised not to hire the claim management companies but file the claim straightforward at your own.
Filing the PPI claim is not so hard, so go ahead with it and enjoy the settlement of the PPI that was since mis-sold to you by taking your own money.