What is Payment Protection Insurance? (PPI)

15 Jan

What is Payment Protection Insurance? (PPI)

 

Payment protection insurance is a form of insurance that is usually issued to individuals in a situation where it is perceived that there may be a need to cover payments, should an unforeseen circumstance befall an individual rendering the individual in a position whereby they cannot make the repayments on a given financial agreement.

Payment protection insurance is actually being claimed back by the general British public at a faster rate than any financial product that has been sold in the past 10 years. PPI claims are so prolific at the present moment that the banks are having to set aside billions of pounds to make up for the money owed.Making a compensation claim at grass roots level is also very simple, but it is good advice to get any claims in early because there are a certain amount of claims that are queued because of the backlog and sheer volume of queries.

The UK ppi epidemic is the reaction of the aggressive sales techniques of the previous 10 years by the financial institutions of the united kingdom, they are currently in a particularly contentious position because they are now having to refund all their profits with interest and thus from a business perspective, it has been a very strange move for them.

It is also possible to claim bank charges back, but ppi claims are worth a lot more to the consumer and so it is recommended to make any compensation claims for payment protection insurance a high priority.