PPI or also known as Payment Protection Insurance is not actually a bad insurance in itself. It actually covers you, the customer, who got a loan from accumulating high amounts in debt should you fall deep into a predicament that could incapacitate you from repaying your current monthly bills. In the event you have encountered any kind of accident or sickness that may disable you for a few weeks away from your job or even if you’ve been terminated from your current job ultimately then your PPI would definitely commence to function and cover your loan repayments a year. Considering its function, do you really think you need the product together with current transaction?
Now that you are aware the way PPI performs its function, it is time to assess certainly if you really need this insurance policy with your present transaction or otherwise. To get PPI from your bank, you will need to be supplied with a proper personal history check to see if you are an exact fit with the transaction’s prerequisites. The bank should also detail to you why you don’t fail for certain requirements of the transaction and that’s the exact time they have the right to advise you that you’ll have to obtain a PPI to be able to get the transaction in the process. But without doing this, the banks do not possess the authority to push you into obtaining only the insurance policies they provide. Remember that it is your own right to pick out precisely what insurance company you would want to get the PPI. If this is violated, you do have right to make a PPI claim
Additional situations that count as mis-sold PPI claims include: being given a background check however the bank itself did not explain to you thoroughly the details of the PPI you have to get and have just provided you with an insurance policy coming from them. Requiring you to get PPI without a background check and including the insurance policy with your transaction bereft of your knowledge.
Sometimes, insurances you possess or have been mis sold from the bank is not the property of the bank itself but from an affiliate. The affiliate, namely an insurance carrier, may not be under the jurisdiction of both the FOS and the FSA and you may have a complicated situation in your hands. The best thing to do is hire a ppi claims company to be able to handle the situation with the third party insurance carrier. These people could handle all the paperwork, submissions and decide for the best course of action for your claim in the event you have no time to exert effort for it or you encounter such complications stated earlier.