16:35 11 March 2013
Payment Protection Insurance or PPI, is an insurance product designed to help borrowers should they be unable to repay their loans. The insurance company will cover up to 12 months worth of payment if a borrower losestheir job, becomes disabled, or encounters scenarios that will keep them from paying their loan.
In theory, PPI is a great product. However, a lot of banks and financial institution mis-sold this product to millions of borrowers for years. People who were self-employed for example, were sold PPI even though they were not eligible for it.
If you’re one of these people and if you want to make a claim, there are certain steps that you need to follow. These are the following:
In case the bank rejected your claim, your last option is to write to the Financial Ombudsman Service, the office assigned by the UK government to manage disputes or problems between borrowers and companies related to PPI claims.
The ombudsman will most likely decide in your favour if:
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