PPI, or Payment Protection Insurance, is a hot topic at the moment due to revelations that it has been mis-sold and even forced upon people that didn't even know they were paying for it for many years. If you feel that you fall into this category, you may well want to know more about how some companies are now claiming back thousands of pounds on behalf of individuals.
PPI is the more commonly used abbreviation of Payment Protection Insurance which is similar to ASU which is the more common abbreviation for Accident, Sickness and Unemployment Cover.
These forms of insurance have been sold for many decades now as a way for borrowers to apparently protect their repayments in the case of being made unemployed or getting sick and being left in a situation where they cannot afford to pay back their debts.
The idea was that if you owed a monthly payment on a loan or credit card for example, if you were to get ill or be made unemployed and could not keep up with these payments, then the insurance would kick in and take over the payments for you, therefore giving you protection against any legal action, bad debts, damage to your credit history and so on.
However, the fact of the matter is that in many cases, this type of insurance has been mis-sold with either fake promises, incorrect claims or simply sold to people who would never even qualify for it or benefit from this sort of insurance in the first place. In some cases, companies have even assumptively sold it, and which means that it was effectively added to people's does a bills without them requesting it, or in some cases, not even know that they had the insurance in the first place!'
Payment Protection Insurance has also been the target of skeptics that believe it is practically useless for most people, anyway. With so many clauses and terms and conditions, it means that many people who thought they were covered actually had no cover at all and have been paying additional monthly fees on their repayments, sometimes for many years, for absolutely nothing.
This has led recently to a small revolution, with companies and individuals biting back. Claims management companies have been set up to help individuals claim back the money they have spent on Payment Protection Insurance, which sometimes can add up to literally thousands of pounds. These companies will help to see if you actually have a case and then pursue this case on your behalf, making sure that they cover all the legal aspects and pursue the claim in the most effective manner.
This recent action has made a big impact and now thousands of people have reclaimed thousands of pounds that is rightfully theirs while at the same time the industry is now under more scrutiny than ever before, hopefully putting an end to the mis-selling and blatant fraud that has taken place in previous years.
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