Payment protection insurance Claims offered by PPI Reclaim

Feb. 20, 2013 - PRLog -- According to estimates, around three million Payment protection insurance policies buyers are waiting for their claims to be settled with each settlement resulting in average payout of £3,500 each. After a protracted legal battle that ended in the favor of customers, lenders, credit card issuers and banks like RBS, Lloyds-HBOS, HSBC and Barclays are expected to repay at least £9bn to the victims of what is now called the biggest mis-selling scandal in the history of UK. The British Bankers Association refused to accept the new rules for settling mis-sold Payment protection insurance complaints and this resulted in a protracted legal battle. Customers won and became eligible to receive compensation when the HC ruled against the BBA and it decided not to appeal the Court\'s decision.

Types of Payment protection insurance (PPI)

Have you become a victim of mis-sold Payment protection insurance (PPI)? There are different types and forms of payment protection insurance (PPI). You might have been sold a variant and may have still ended up as a victim. Check whether you have purchased any policy given below in the past:

• Loan cover or loan protection insurance
• Employment cover or insurance
• Illness cover / sickness cover
• Accident cover / accident insurance
• Credit card repayment insurance / cover
• Hire purchase repayment insurance / cover

Payment protection insurance, as the name suggests, is a type of insurance purchased when obtaining a loan or finalizing any other credit agreement. The policy ensures that you can continue loan repayment on your mortgage, credit card or any other debt in the event you are unable to do so for reasons beyond your control. Some Payment protection insurance policies take care of breaks in work caused by sicknesses and accidents. Once the policy is activated, your repayments are taken care of for a period of one to two years as determined at the time of purchase.

For more detail visit: - http://www.paymentprotectionclaim.co.uk/loan-ppi-claims.html