Could You Have a Secret PPI Policy?
- By Dean Thornber
- Published 08/1/2011
Many financial consumers have already cleared away the smoke and mirrors provided by their insurer and taken action to get compensation for money spent on a useless policy. But... there are many more that don't even know they're paying for a PPI policy every month, so - could it be that you have a secret PPI policy, one you have been paying into that you were unaware of?
Those that have discovered a case of mis selling and have taken action are actually supported by regulatory bodies and encouraged to seek recompense. It is worth checking any loans, credit cards or mortgages that you have recently taken out as you may find you have one too!
Payment Protection Insurance comes n many forms, but to keep things simple a PPI policy is usually taken out when one secures a loan or credit agreement of some kind; the purpose of the policy is to cover any outstanding payments you may need to make should you find yourself in one of the circumstance prescribed – usually loss of work through accident or illness, sometimes redundancy, and occasionally additional clauses.
Problems arose in the industry a few years ago when a number of consumers complained that they believed they had been misled into buying policies that were needlessly expensive, unnecessary or had been led to believe they were obliged to buy ‘packaged’ deals from the lender with whom they had secured the loan. An in depth investigation discovered that there had been many instances of mis-selling – including the sale of policies to people for who they would never be relevant, such as the already retired – and that some consumers were not even aware that a PPI policy had been part of the bargain and were paying unknowingly into something they had not agreed to!
Subsequent revisions to the regulations that cover the sale of such policies were undertaken, yet it could still be that you have a policy attached to a credit agreement for which you could be entitled to make a compensation claim.
The simplest way to find out is to carefully go through the paperwork for any loans or other credit agreements you have been party to in the past few years; it is a fact of life that most of us do not even care to read the small print on such agreements, yet intriguing and surprising results can be found.
If you need help there are many professionals in the industry who will help you in your cause, and if it is discovered that you agreed to a PPI policy without even knowing – or were mis-sold a policy in an unacceptable manner – you should be entitled to compensation.
Don’t delay – have a look at all your credit agreements now for signs of that secret PPI policy, and put the wheels in motion!
Hi, my name's Dean Thornber and I write about mis sold PPI and bank charges at www.PPIClaimsUK.co.uk a UK based blog in the financial claims sector. I also write about personal finance, house sales, repossession and business finance.
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