PPI refers to a type of insurance policy that is sold to people in order to help protect them in situations in which they may not be able to make their payments. It is meant to kick in and cover someone who becomes ill or cannot work because of some sort of
accident or involuntary unemployment. The problem is that sometimes the cover is misold
PPI. This often means that when the insured person goes to make a claim they find that they were never even eligible for the PPI coverage in the first place. It is up to the person selling the policy to go over all of the information with the borrower at the time the policy is being sold. If this were done correctly then there would never be an issue with misold PPI, but as it stands it is not being done.
Being Made Aware of Requirements
Any agent who does not go over all of the requirements with the borrower in question, in terms of the regulations for coverage under PPI policies, is actually contributing to misold PPI and adding to the problem. This can lead to a claim back PPI as well as claiming back bank charges.
If more people were aware of the things that may not allow them coverage then
there would not be nearly as many incidences of misold PPI. Agents should be
telling people what the requirements for coverage are. For example, if you are
over a certain age then you cannot receive coverage. If you are working in a
temporary job then you are also ineligible.
Who Can Be Covered?
This really seems to be the question when thinking about misold PPI. People
who have no pre-existing conditions that may disable them from working, people
who work at a permanent job and have been there for years and then of course
people who are at a prime age can be covered. Here is where the problem lies.
Because of this the public is having a real problem with misold PPI and the consequences that go along with paying into a policy for years that has benefits which can never be realized. As a result there are numerous
complaints being made. This is why there are companies like The PPI Company that are in place to help you to get a refund on the money you have been paying into a policy if you should find out that you were sold one under false pretences.
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