PPI Complaints Process

If you're one of those who have recently taken out a loan and suddenly found yourself asking what payment protection is, then chances are that you will be one of the many who will want to start a PPI complaints process for the simple reason that you have been deceived.
What is PPI?
PPI stands for payment protection insurance. It is an insurance policy usually sold by banks to borrowers that would insure their debts in case of disability or death.
Why is it deceptive?
Some who take out a loan are never told there is an accompanying insurance policy attached to their debt. Some are told simply that the loans they are taking out are "protected" and are not informed what this means while others are made to believe that purchase of the PPI is required in order for the loan to be approved. Many are even sold the policies even if they are not eligible for it right from the start. Some companies even intentionally sell the policies to ineligible customers so they can be charged the premium and then be denied when they make a claim.
How can a PPI complaints process be initiated?
For one, you will need to find the original policy document that you signed and try to recall as much as you can all the information that you were given by the insurance provider. Make sure to find any piece of evidence that may help you prove that you were misinformed .
Then you will need to file a formal complaint to the insurance provider and wait for their response. Most will send back an automated response designed to discourage most claimants. Be persistent and send another letter, this time hinting that litigation or the media may be involved if you do not get sufficient answer. If they do respond and try to arrive with a settlement with you and you think you should be getting more than what they are offering, write back again and insist on what you think should be the fair compensation they should be offering. Be aware that in some PPI complaints process that were won, a claimant can win -- not only the full premium back, but also the loan agent's commission, interest on the PPI at an 8% per annum, and even more compensation.
However, if you do not want to do this alone, you can get the services of a complaints management company to help you in recovering your PPI claims in full. These companies do charge a standard 25% commission but operate on a no-win no charge basis. This means that if they fail to recover your money, you will not have to pay them anything. There are also no charges up-front which means you have nothing to lose (except the 25% commission when you win the case) when you do decide to enlist their services. The advantage of enlisting the services of a claims management company is that they will probably be able to recover your money faster, and have a higher chance of recovering the money successfully than you would have if you initiated the PPI complaints process all on your own.

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Learn more about loan protection insurance and mortgage payment protection insurance to find out more about reclaiming mis sold payment protection insurance

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