Payment Protection Insurance, sometimes called PPI, is Accident, Sickness and Unemployment Cover (ASU), which is sold with loans, credit cards, hire purchase agreements and mortgages. PPI is a form of insurance which will make repayments on a debt if your circumstances change leaving you unable to repay them yourself. Credit protection insurance and loan repayment insurance are other names for PPI.
If you or someone close to you has been a victim of similar situation and you have been paying much more than you are ought to, then you can take the legal recourse with the help of Halifax PPI. The legal system authorizes the victims to take a permissible step and get their compensation. There has been an increase in the number of claims and lawsuits against missold payment protection insurance in the UK, which facilitate the buyers to take legal step, in case they deem that they have been duped.
Why has Payment Protection Insurance been mis-sold?
Some lenders have added Payment Protection Insurance without the knowledge of the customer. This means that many people have taken out credit cards or loans and paying for PPI policies which they do not know exists and therefore will never claim on, even if they needed to.
Some people were sold PPI under the premise that it was not an optional extra, or that a loan was more likely to be approved if they took out the policy. Some companies, such as telesales operations, led customers into PPI policies by offering a credit card or loan and mentioning that it was ‘protected’ without fully explaining that the PPI protection was optional or explaining the plan in detail.
A lawsuit is an action, where the claimant seeks a legal verdict to a complaint. These proceedings are heard in court and once the plaintiff wins the case, he is entitled for the compensation to be paid by the cover seller or the broker. The judge might also execute the plaintiff’s right. The compensation that is awarded depends on various factors like the conditions under which the policy was sold to you, the premium you have paid and its duration. Once it has been established that you were deliberately not told about the policy, the recompense is awarded. In case you think, you also have been duped; you should straight away confer with a professional lawyer and consider taking a legal step.
What can I do if I have been mis-sold payment protection insurance?
PPI was mis-sold with loans, credit cards and mortgages in the last 30 years. You have been mis sold payment protection insurance if you didn’t ask for PPI but it was added to your policy anyway, you were told that insurance was compulsory, you were told that your loan was more likely to be approved with PPI, you were not told that PPI was optional, or you were unemployed, retired or self-employed when you took out the cover. You are still entitled to claim even if the loan which your PPI covered has been paid off.
Generally, in a court case, an experienced and skilled attorney represents his patrons. Once you hire an attorney, you can be assured that your legal hassles will be minimised. The notary will not only take you through the entire legal process, but also ensure that you legal rights are well-protected all through the process. Your lawyer will also help you collect all the receipts and documents required to prove that you were missold Ppi. Once you win the claim, they will ensure that your broker or seller makes timely compensation.
One very important thing that you will have to keep in mind as you take the legal step is that, most of the time these lawsuits are very lengthy and tiring, but if you have been a victim of missold payment protection insurance in the UK, then you ought to have justice. So, don’t avert from taking legal step thinking about the hassles, fight for your right and get your due with the help of Halifax PPI.