Sponsored post: The PPI Mis-Selling Scandal
PPI stands for Payment Protection Insurance and it is a type of insurance that has been sold for many years now that claims to offer protection against debt repayments, such as on credit cards, mortgages and loans, in the case of not being able to pay due to illness or unemployment.Â However, this costly insurance has proven to be completely worthless in many situations and has left vulnerable people paying higher repayments for an insurance that they didnâ€™t need, or possibly didnâ€™t even want.
One of the biggest scandals is that PPI was mis-sold to people with promises and claims that simply didnâ€™t pan out in real life.Â Protection was promised to those who would not ever really benefit from having the insurance and in some cases this Payment Protection Insurance was simply added on to peoples accounts without them even realising!Â Thankfully, this PPI mis-selling scandal has finally been exposed and anyone who has taken out a loan, mortgage or credit card in the past ten years could potentially be owed PPI compensation.Â Millions of pounds of compensation has already been paid out to borrowers who were mis-sold this useless style of insurance and claims are still successfully going through, giving promise that justice is finally being served.
Even better, is that there are many specialist companies that exist that can assist with PPI claims.Â These companies often operate on a no win-no fee basis and have the knowledge and legal expertise to take control of the whole claim on your behalf.Â This is extremely helpful as critics are concerned that although claims are being paid out with regards to this scandal, the PPI sellers are still getting away with paying out as much compensation as they should be simply because people are too confused about how to make a claim or if they are even entitled to it.Â Others are simply worried about the financial cost of starting a claim and if it could actually leave them worse off than when they started!
The fact of the matter is that by using a PPI claims expert, you can simply provide some basic details about who sold you the insurance and when it was and they can then easily tell you whether you are entitled to a claim or not.Â If you are entitled to claim then they can hold your hand through the entire process and carry out all the legalities on your behalf with no upfront cost to yourself.Â This is great news and hopefully something that will help to get justice on this scandal and stop any mis-selling of similar products in the future.