PPI is defined by the Competition Commission, as an insurance, which provides people with cover while they take a bank loan, a mortgage, or a credit card, for repayments, in the event of unemployment, sickness, accident or death. The commission has also pointed out that the increase of mis-sold PPI policies are taking its due each day through year after year , and a fast-track claim service has to be brought into action to meet the ever increasing missold PPI claims of those thousands of pounds that are been taken unlawfully.
PPI Mis-selling
While taking the policy, it was not clarified that the PPI was optional.
You were told that the loan would be more expensive without the insurance.
The sales clerk on the desk would not let the application continue without you taking a PPI.
Self employed/ unemployed people were asked to buy the Employment insurance
Exclusions and omissions were not pointed out while selling the policy.
How to Reclaim PPI: The first step is to write to the bank or financial body that sold the PPI. A series of letter templates available can help people through the process. At the beginning you may get a negative vibe, but bear patience, you need to persevere to attain your goal.
Write again adding/enclosing a copy of the first letter, if you feel they are dilly-dallying to settle the claims, a claim will be made to the Financial Ombudsman. Maximum PPI are reclaimed with the help of a FOS that helps over 90 per cent cases of people reclaiming PPI.
