If you have either gone for a mortgage loan or a credit card, in the last ten years chances are than you have heard of something called as the Payment Protection Insurance. PPI, as it is commonly called, is sold alongside a mortgage or a credit card, so as to cover your loan or debt payments in the event of a future unemployment or in the event of you becoming invalid or even death. The way these insurance policies work is different according to different companies. It is also possible to buy a stand alone PPI, that does not have any involvement with a mortgage loan or a credit card.
Of lat there has been a lot of controversy surrounding the PPI, as thee are many instances of people being sold a PPI. Problems related to PPI, could be divided into three general categories.
The first instance is where the insurance company rejects a reclaim for a PPI, because of an exclusion clause that's mentioned in fine print.
The second problem could be where people are missold a policy where they either did not realize that they are buying a PPI that they actually did not want in the first place, or instances where the policy is not properly explained to them or have been sold a PPI, that is not suitable for them.
The third problem is about refund. The consumer would have paid the policy as a single premium upfront (where the PPI is added to the main loan), but when the consumer repays the loan early, he is either not paid, or is paid a very small amount.
For those who have faced one of the above mentioned problems you could get in touch with the company mentioning in detail why do you think, you are eligible for a refund. If the company does not look into your problem, you could contact the claims management company or an attorney, or alternatively you could also complain to the Financial Ombudsman Services. The FOS helps to resolve disputes regarding PPI.
But to determine which company is responsible for the reclaim depends on the problem at hand. If the complaint is about a missell, or a refund for a PPI, you need to contact the person (or the bank) that sold you the PPI in the first instance.
If your complaint is about a refund that is rejected, you could contact the insurance company responsible for the PPI. However if you are not very sure about whom to contact or wish to know if you are eligible for a reclaim, you could either contact an attorney who specializes in these claims or better still the FOS.
The author of this article has immense knowledge in PPI Claims and is in close association with Real Claims. Real Claims is one of the leading companies in the UK specializing in Payment Protection Insurance reclaims. Unlike other PPI Claim companies Real Claims [http://www.realclaims.co.uk/] will take on larger PPI claims going through a litigation process allowing them to potentially claim more money for the client.
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