What are mis sold ppi?

Payment protection insurance is a plan which was devised for those individuals who are having a tough time in managing their repayments under different debts or who are not confident about their future. Future always has an element of unpredictability and a person may lose his job or may get ill in which case he won't be able to pay off his debts. But it's not a hidden fact that thousands and thousands of individuals in UK were sold plans which are not by any means useful for them. Mis sold ppi is both a question of fact and law and it depends on the circumstances of an individual and their dealings with the policy providers. The success of ppi claims depends on the experts which you higher because they can surely make your claim strong.

Most of the people might ask that what constitutes a mis sold ppi. The answer to this question is as follows:

1.       Were you clearly informed with your loan product that the ppi policy is an optional one or you were almost forced into it?

2.       Were you made known about the clauses that relate to medical conditions which are already in existence?

3.       You should have been asked that whether you are self employed or not because if you are self employed, than ppi sold to you will count as mis sold ppi.

4.       Similarly a ppi sold to an unemployed person is in valid.

5.       One payment premium has duration of 5 years and interest payment will also be made for these 5 years on this premium as it becomes a part of your loan. Were you pre-informed about this fact?

6.       People should be informed about the interest payments on the policy and if not, than their ppi claims are valid.

7.       If you were sold a ppi which has no benefit for you and this fact was evident to the policy provider, than it will count as a Mis sold one.

8.       No policy provider is allowed to sate any ppi policy as a mandatory one and they are obliged by law to sell you a plan which suits your condition best.

If you still aren’t sure about the mis selling, than you should go for an expert advice and bear in mind that experts should have experience of such cases. You can find many consultant companies who not only guide you about a Mis sold ppi but they also represent you in the process against the policy lenders. Remember that if ppi providers are including ppi payments in your monthly repayment or if they state that it’s a mandatory part of your loan or card, than it is illegal. It is recommended to go through all the process under an expert's supervision as they will ensure that you regain all your premiums.