The Rise Of Payment Protection Claims
In the past couple of years there has been a massive increase in the number of payment protection claims especially for those people who have taken the policy out in the past 5 years or so. We have to ask ourselves why this is and if you could be eligible to make a claim yourself?
In essence these policies are designed for people who take out a loan or something on credit (so a mortgage would fall into this category) and they are only generally given out to people who are working full time and are expected to keep up the repayments. However, it works when the person either loses their job or is unable to work anymore and therefore cannot keep up the repayments and thus the insurance helps to make sure that the lender is still being paid. The issues started when it was found out that many people had, in fact, been mis-sold some of these policies and that they were not even eligible for a PPI at all. Other people had been told that this policy was compulsory when it is actually optional and there were even some individuals who had been paying towards one of these schemes without even knowing it.
The fact that this continued for years meant that many people who had taken out a loan or something on finance had paid into this policy and are now owed thousands as it had been mis-sold to them and therefore they are able to claim the money back. If you think you fall into one of these categories or if you think that you may be paying towards a PPI then you can get some expert advice and find out for sure if you are due a claim and the return of the money you have already paid.