PPI or Payment Protection Insurance, is an insurance policy designed to cover the consumer when that individual may be unable to meet his monetary responsibilities.
It's bought in conjunction with a big value item such as a vehicle, a house, or (formerly) when applying for a credit card.
PPI was usually incorporated as an element of a monetary package for the things listed above.
Many clients weren't even conscious they had purchased it.
The original idea regarding PPI would be to cover those individuals who became unable to work due to an accident or illness or wasted their position by redundancy.
Unfortunately, it quickly became simply a supply of revenue for certain greedy financial institutions, leading to PPI insurance claims being filed towards several of the U.
K.
's biggest loan companies.
Credit card companies such as Capital One and Egg and other insurers and lenders (HBSC and Lloyds, Alliance & Leicester) were all found to have improperly sold PPI over the past ten years.
Specially, policies were sold to people who could not be protected by them.
Those customers who were self-employed, unemployed, retired or had an ailment that completely stopped them from functioning again had been defrauded for millions of pounds.
By a few estimation, more than twenty seven million PPI policies have been issued.
Of those, 40% of the people who own those insurance plans were not conscious that they had bought them.
An investigative orders was issued by the Competition Commission in April of 2011.
Changes the CC required in selling Payment Protection Insurance were that data saying exactly what a PPI is and the consumer's choices to either buy or not buy it must be clearly stated and given in writing to them.
In addition, PPI now can't be sold similar time as the credit agreement.
In May of that year, the High Court decided that every lenders must review their PPI policies and compensate all customers that were badly sold insurance policies.
This judgment covers the years 2005 to 2011 and continues to be in effect today.
After a large number of PPI insurance claims were filed, the Financial Services Authority levied large fines towards all of the agencies involved.
Every provider connected was fined over £1 Million with Alliance & Leicester receiving much prestige for their fine of over £7 Million.
Since all those fines and the High Court ruling, the lenders established funds particularly for the payment of their clients.
Barclays Bank has alone prepared over £1 Billion for PPI insurance claims against it.
If you were badly sold PPI, then you might have a claim that will be worth thousands.
For you to get around the laws pertaining to compensation from PPI insurance claims, it is best to enlist the services of an experienced claims professional.
It is more than possible you have PPI plans that you were never even aware you purchased.
Effort to find an agency that works on a no win/no charge service so there isn't any charge to you before obtaining legal compensation for your PPI insurance claims.
It's bought in conjunction with a big value item such as a vehicle, a house, or (formerly) when applying for a credit card.
PPI was usually incorporated as an element of a monetary package for the things listed above.
Many clients weren't even conscious they had purchased it.
The original idea regarding PPI would be to cover those individuals who became unable to work due to an accident or illness or wasted their position by redundancy.
Unfortunately, it quickly became simply a supply of revenue for certain greedy financial institutions, leading to PPI insurance claims being filed towards several of the U.
K.
's biggest loan companies.
Credit card companies such as Capital One and Egg and other insurers and lenders (HBSC and Lloyds, Alliance & Leicester) were all found to have improperly sold PPI over the past ten years.
Specially, policies were sold to people who could not be protected by them.
Those customers who were self-employed, unemployed, retired or had an ailment that completely stopped them from functioning again had been defrauded for millions of pounds.
By a few estimation, more than twenty seven million PPI policies have been issued.
Of those, 40% of the people who own those insurance plans were not conscious that they had bought them.
An investigative orders was issued by the Competition Commission in April of 2011.
Changes the CC required in selling Payment Protection Insurance were that data saying exactly what a PPI is and the consumer's choices to either buy or not buy it must be clearly stated and given in writing to them.
In addition, PPI now can't be sold similar time as the credit agreement.
In May of that year, the High Court decided that every lenders must review their PPI policies and compensate all customers that were badly sold insurance policies.
This judgment covers the years 2005 to 2011 and continues to be in effect today.
After a large number of PPI insurance claims were filed, the Financial Services Authority levied large fines towards all of the agencies involved.
Every provider connected was fined over £1 Million with Alliance & Leicester receiving much prestige for their fine of over £7 Million.
Since all those fines and the High Court ruling, the lenders established funds particularly for the payment of their clients.
Barclays Bank has alone prepared over £1 Billion for PPI insurance claims against it.
If you were badly sold PPI, then you might have a claim that will be worth thousands.
For you to get around the laws pertaining to compensation from PPI insurance claims, it is best to enlist the services of an experienced claims professional.
It is more than possible you have PPI plans that you were never even aware you purchased.
Effort to find an agency that works on a no win/no charge service so there isn't any charge to you before obtaining legal compensation for your PPI insurance claims.