PPI Refund

Payment Protection Insurance covers is an insurance product aimed at providing for emergency cases wherein the insurance policy holder is unable to make the payments on an active policy, as a result of financial problems arising out of unemployment, sickness, accidents, infirmity and the suchlike. The purpose of a PPI cover is to provide you with the funds that will help you to make the payments on your insurance cover should you be unable to do the same on your own. In short, a PPI cover is like an insurance policy to protect another insurance policy. These covers come into play when the person who takes out the insurance cover is unable to make the payment because of sickness, accidents, financial disabilities, unemployment and other such unprecedented events.

Usually when a PPI cover is taken out it is decided for a fixed period. The onus of finding financial sources to pay back the PPI cover and the policy it covers lies upon the borrower. It is important to limit the time period of the cover policy because the longer you choose to extend it, the greater will be the expenses, premium and interests incurred by you in the end.

To figure out whether or not you are eligible to apply for a credit card charges refund or PPI refund, the easiest way to do so is to find out whether you have been mis-sold the PPI cover or not. There are several common occurrences, which typically mark the existence of a wrongly sold PPI policy cover and if you can answer “yes” to any of the following, chances are you have been mis-sold a PPI policy and hence might be eligible for a PPI refund:

1) Did you feel cornered into making a decision about signing up for a PPI cover policy? If so, the lender has wronged you because it is both an ethical and a legal provision to ensure that the buyer is given a chance to rethink and consider all aspects of applying for a PPI cover before actually signing on the dotted line. As a buyer you have the right to think over various aspects of getting a PPI cover as many times as you want and hence it is the lender/ seller’s duty to give you enough time and space and opportunity to do your own thinking.

2) Did you feel as though you were not given a chance to explore other options in the market before you had to sign up for the PPI cover? If this was the case, you have once again been robbed of your right to the freedom of choice in terms of selecting your own PPI cover.

3) Were you sold a PPI policy even though you did not actually need one and even as a precautionary measure there was no prevalent need? This is the most common type of wrongly sold PPI cover because agents insist that PPI is an “essential purchase/ investment”, neglecting to mention to the uninitiated buyer that PPI is only needed in some cases and is not, as a matter of fact, a mandatory purchase.