Introduction to PPI Claims and Process
PPI (payment protection insurance) is the insurance policy which is purely designed to cover the outstanding debt. This policy benefits the financially depressed consumers who may be unable to repay because of physical disability, accidents or unemployment.
PPI Claims
PPI is a very useful policy for sick, unemployed and unable persons however, it may be mis -sold along with the credit cards and mortgage and May not benefits the perspective person. In case of mis-selling the PPI Claims serve best to cove the loss.
PPI claims let the consumers to take back the payment protection insurance. The amount of claims includes the amount which has been paid by the borrower plus the interest amount.
PPI Claims Process
The consumer has to fill up a PPI claim form and send it to the company, after this he will receive a claim pack by the company which must be completed by the customer. The claim pack will be review by the company and the amount and fairness of the claim will be assessed. If the case is clear than the consumer will receive the amount. This process usually involves around 8 to 10 weeks. The consumers have to complain with in 6 years of the event of mis-selling.
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