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Bank Charges PPI

Reclaiming PPI is a process in which policy holders attempt to get a refund for mis sold payment insurance. These charges may be refunded if, indeed, the policy was mis sold by the lender.

PPI Recent History

In the last ten years millions of payment protection insurance policies have been sold. Attached to loans, mortgages, store and credit cards they proved to be exceedingly popular in the past. Designed to provide protection for consumers by stepping in to cover debt repayments in the event of sickness, accident or involunrary unemployment, they appealed to customers while proving extremely profitable for lenders. The bottom fell out of the market in 2006, though, after an investigation by the Financial Services Authority revealed significant failings across the industry. As a result of these claims not only did the sale of payment protection begin to slow down, but there was an increase in bank charges PPI claims.

Major Problems with PPI

Some of the key mis-selling issues identified include customers being given incorrect or misleading information, being pressured into taking cover and being sold a policy they could not use or did not need. Customers who have found themsleves in these mis-selling situatuons have the right to make a bank charges PPI claim.

PPI Lasting Impression

Payment protection insurance is often called loan insurance or even loan protection insurance but in any case it is supposed to help if a person becomes unemployed by making payments on loans. This unemployment could be due to losing one's job or it could be the result of illness. However, there are so many exclusions that the cover very rarely covers those who need in most.  How to design a PPI policy with bank charges that are comfortable for the average person with the right amount of cover when needed?


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