PRLog - Aug. 31, 2012 - MANCHESTER, U.K. -- Payment Protection Insurance, or PPI for short, is a type of insurance policy which has been specifically designed to meet the cost of your debt repayments when you are unable to work through illness, injury or redundancy. In the past, PPI was sold alongside loans, mortgages and credit cards. If you took out one of these financial products and were sold PPI at the same time, you may have been mis-sold PPI. This is particularly true if you were self-employed or held student status at the time of taking out PPI, as you would have been unable to claim on your PPI policy.
Mis-selling is not the only problem that has been associated with PPI. In the past, many people took out a single premium PPI, known as an SPPPI. The cost of this SPPPI was often added onto the cost of financial products as a lump sum payment. The majority of these SPPPI policies expired after five years yet the financial products associated with them often lasted longer than this. Hence, the SPPPI expired long before the interest on the policy had been paid off. Many people were also sold overpriced or low cover PPI.
It is possible that you were mis-sold PPI if you were not informed that taking out PPI was optional and/or were not told about the significant exclusions of the policy, for example, that you would be unable to claim on your policy if you were unable to pay your debts as a result of a pre-existing health condition. You may have been mis-sold PPI if your financial adviser did not inform you that the cost of PPI would be added onto the cost of your loan and you would therefore have to pay interest on it. If you took out short-term PPI and the adviser failed to inform you that your PPI coverage would expire before your loan term came to an end, you may also have been a victim. If you purchased PPI after 14 January 2005 and were persuaded to do so by your adviser or were not notified that PPI would be added to the cost of your loan or mortgage, you too may be able to reclaim PPI.
For payment protection visit: http://www.connectedclaims.com/
Regardless of the way in which you were mis-sold PPI, you can reclaim PPI. If you are unsure of whether or not you took out PPI in the past, you should look through the paperwork that you received when you were granted your loan. If you are still unsure, you can contact your finance provider to ask them whether you took out PPI coverage. If you believe yourself to have been mis-sold PPI, you may wish to seek the advice of a PPI reclaim expert, such as Connected Claims.