In recent times, PPI claims have strong legal back up. People who think that they have been mis-sold PPI can reclaim it rightfully. The best part is that there are no costs incurred for the same. Payment Protection Insurance is best defined as an insurance product that can cover an outstanding debt. In case, the debtor is unable to repay the borrowed sums due to sickness, accident, disability, unemployment or death, this safe net can fulfill his financial obligations. Whether you actually need it depends upon your particular case. It is important to assess your situation before taking it along with your loan.

Many a times, debtors find themselves grabbing the policy along with their loan due to sales tactics of the lending institutions. At some particular times, they are told that if they opt for it along with their loans, the chances for approvals are increased. Some lenders inform that it is mandatory to take it. At other times, it is automatically added to the loan and sometimes, even without the knowledge of the debtor. These practices are known as Mis-sold PPI claims and enable the debtors to reclaim PPI without any hassle.

Leave a Reply.