Published on 10-06-2011 12:19 AM
Number of Views: 14122
Payment protection insurance (PPI) policy is provided along with many varieties of loans such as mortgages and credit card loans it iss usually sold and/or included in the agreement made while signing up.
The part referred to as PPI in most agreement is known as ASU (Accident, Sickness and Unemployment coverage) or the loan protection. (we would advice that check all your loan, credit card agreements/policies to see if you have or have had this cover. You can go back six year, even if the policy has ended.)
There are certain guidelines that the banks, brokers and financial institutions were required to follow, by law, when they sold these policies to you. However, there are literally thousands, if not millions, of cases where these policies were Mis-sold by way of misrepresentation.
In the case of loans, the premium might be shown on the loan agreement/statement as a lump sum. However, it is up to you to make sure that you check whether the charges for the insurance are actually being added to your account every month.
Thousands of consumers have already claimed back their money for mis-sold PPI policies, so if you have or did have any PPI policy, you too can start the process of claiming back the money that was taken from you unlawfully, today.