PPI or Payment Protection Insurance is considered to be one of the worst financial products to have entered the UK financial market. The PPI scandal dates back to over a decade; it continues to be a part of the UK financial market even today. Many banks are even today rejecting thousands of applications for PPI claims without even assessing the complaints filed by the customers. What is worse is that many banks deny the fact that the customers even had a PPI.
PPI was sold along with loans and credit cards; the deal was that the policy will cover the monthly repayments if the borrower fell ill or lost the job. The problem, however, was that most of the policies were unsuitable as the borrowers were people who were self employed, out of work and were unable to claim for any other reason as there were exclusions in the policy which were the customers were not aware of. In addition, the PPI was a very costly insurance policy which just added up to the cost that the borrowers had to pay against the loan and thus it pushed many people into a lot of financial difficulties and problems.
Another problem with PPI claims also arises because of the fact that many banks claim that they get thousands of application from people who never held a PPI policy and who are not even the customers of the bank. On the other hand, many times people with genuine complaints and who can get their PPI claims are wrongly told by banks that they never held a PPI policy or that their policy had already expired. In other words, genuine PPI claims are not met by banks who generally find a reason to brush-off the customers with something or the other; thus worsening the state of the affairs.
For more information about PPI mis-selling and claiming back payment protection insurance premiums, http://www.ppiclaimsandadvice.com.