PPI claims are rising in numbers and people are keen on getting rid of this expensive insurance that has hardly any relevance in protecting the interest of the insured. Payment protection insurance implies to protect the borrower or debtor in case he fails to pay his debts or loans on time. Now, this definition makes it seem like one of the best insurance coverage a borrower can ever get, and this is exactly what the this insurance providers tell their customers while selling them these policies.

This could be easily true, if there wasn’t a long list of conditions to be applied in case the policy holder fails to pay his or her dues. In short, these insurance policies are nothing but an add-on revenue source for the insurance companies. The terms attached to every protection insurance policy includes several comprehensive reasons that incapacitate the policy holder to claim the insurance money.

Lots of insurance companies, banks and financial institutions silently sell these policies to their customers. Customers buy them either unknowingly or without knowing the whole story. In both the situations the whole deal represents a Mis Sold PPI. In the past few years, many financial companies in different countries were found to issue Mis Sold PPIs. This has lead to thousands of insurance protection claims and protests against insurance providers in general. Any borrower or debtor who wishes to get his or her protection of payment money back has to make a formal payment protection insurance claim.

When a customer approaches with a claim for payment protection insurance, the insurance provider is supposed to refund the entire money spent on buying and maintaining the insurance policy. However, in most cases these insurance companies find loopholes in the claim and reject the refund either partially or fully. This is when the aggrieved party takes help of legal entities.

There are law firms and legal companies that take up these disputed claims for helping people in getting back their insurance money. Most of the payment claim cases are settled in favor of the insurance holder. In case of a 100 percent Mis Sold PPI, full insurance money is refunded to the borrower. However, in cases were the insurance providers have skillfully talked their policy holders into buying these covers; the insurance holder may not get the entire policy money. The deductions depend on the nature of the coverage and the amount involved.

The insurance claim for payment protection can also be made in case the borrower or the insurance holder fails to repay his loans or installments due to a valid reason. If the insurance company rejects the claim the insured can approach a law firm or the relevant claims company for justice. It would be better to choose a protection of insurance claims company for all such related issues rather than approaching a general lawyer. The claims companies handle different types of related cases. They employ insurance experts with lots of experience in finding solutions to all sorts of insurance cheats.

Author's Bio: 

Author is expert in insurance sector and works for ThePPIclaims company. At present he is writing on Payment Protection Insurance Claim, MIS sold PPI, Payment Protection Insurance Reclaim. Read more on this article at www.theppiclaims.com