Payment protection insurance or PPI is the most notorious UK financial product. The problem is not because banks can’t pay for their benefits. Because of unscrupulous employee sales tactics, millions of UK citizens were mis-sold the insurance policy.
If you’re ineligible because you didn’t qualify for the policy’s requirements, then you’re likely mis-sold. However, if you did qualify, then if you get into any situation that renders you temporarily unemployed and incapable of paying your financing, then the insurance policy can definitely help you.
PPI is an efficient product in itself. However, because it is used as a profits-amassing product preying on unaware consumers’ concerns regarding a faster loan application approval or improving their credit scores to qualify, it became a negative word throughout the country.
It has accumulated over £40 billion in refunds back to rightful consumers. Daily, the refunded total increases, and each consumer is likely to receive £3,500 for a basic PPI policy inclusive of their 10% compensation for the trouble.
If you own a PPI policy that you are qualified to use, then you cannot claim for refunds. However, if you can prove through medical reports or payslips that you purchased the policy despite being ineligible, then you can make a claim to receive all your repayments.