PPI – PPI Refund

Many consumers who have applied for a mortgage loan, a credit card, or even a personal loan may have been approved only because they agreed to purchase a policy known as PPI or Payment Protection Insurance. It is highly likely that the policy was a product that did not appeal to the customer or even a product they felt they could not afford. The average person would rather not jeopardise their opportunity to receive the approval they need for credit, so they agree to purchase this policy, not knowing or understanding their rights.

More About PPI
Most creditors and insurance agents depend on a consumer’s ‘lack of knowledge’ concerning the basics of the PPI policy during the point of sale. Unfortunately, this is the basis for the high revenue that is generated from this practice. Although PPI is designed to protect the consumer and to offer a refuge in a time of difficulty, this insurance product may well be the main culprit that contributes to a consumer’s financially difficulties. Why? Because if it is ever necessary to file a claim, consumers find few or none of the benefits available that were described at the point of sale. They also discover that the low interest rates they started with may have skyrocketed to as much as 3 times the initial interest rate after the first month!

Compensation
You have a legal right to know and understand the details about any policy you purchase in the UK. No consumer should ever have to endure insurance practices that are deceitful or that withhold vital information from their customers. Insurance companies should provide thorough information and use integrity in dealing with their customers. If you feel you have been defrauded or misinformed by any insurance company, you may be entitled to compensation.