PPI or Payment protection insurance is insurance that guarantees payment of loans in the event that you are unable to due to accepted causes, as stated in the policy. For many, this is a good option as it provides many financial benefits. For others however, especially those who do not really want it, this insurance plan has become a problem. If you are unaware of the existence or even details about PPI, it is best that you review your insurance policy because it is possible that you have become a victim of mis sold PPI. Know how PPI works for you to avoid getting mis sold PPI.

What is PPI?

PPI can come in any form depending on your loan; it could be credit card protection or even mortgage payment protection. While the concept of PPI may be vague or unclear for many, there are two important things that you should remember to avoid mis sold PPI. First of all, including PPI on your policy is optional. This means that you have the choice to either accept or deny it. It is important that the company offering you your insurance policy inform you of this. Otherwise, there will be miscommunication and you would end up getting one without even wanting it in the first place. This is mis sold PPI. Second, you should be informed if PPI is going to be added to your policy. It is the responsibility of the insurance company to let you know, and yours to inquire. Be a responsible policy holder to steer clear of mis sold PPI.

How to spot mis sold PPI?

Companies like PPI Claims Advice offer services on how to claim back PPI. There have been cases of people making complaints because they realize too late that they have mis sold PPI. This is a problem since mis sold PPI poses as additional expenses on your bill, especially in situations when you do not want a PPI in the first place. This would mean a bigger amount to pay. Instead of being helpful, it becomes a burden. To know if you have been a victim of mis sold PPI, you should look through your loan agreement or statement of accounts. Remember that PPI is reflected here, and this could perhaps be your best way to know if you have mis sold PPI. If upon reviewing your loan agreement you realize that there is a mention of PPIor it an amount you are unaware of is visible on your credit card account, this should serve as a wakeup call for you. You could be a victim of mis sold PPI so it is important to look into the matter further.

Mis sold PPI has become a global issue in today’s time. All over the world, more and more people have realized this dent on their insurance policies and have taken actions to clear it. In fact, there has been an increase in payment protection claims due to mis sold PPI. To avoid mis sold PPI, it is important that you be transparent with your insurance company. Understand the contents of your policy properly and preferably, talk to your insurance agent. Review your policy, do not be a victim of mis sold PPI.