The concept of borrowing a certain amount of money is pretty ancient. People have been taking loan since currency was introduced and people do need it for several different reasons. Along time as the world has advanced, many rules and regulations have also advanced. Law and order was generally originated from European countries, especially from United Kingdom, so all the modifications of laws have taken place there basically. With all these modifications regarding laws, many rules and new concepts were generated also related to loans. The concept of PPI was also made with the new reforms of laws of loans. PPI stands for Payment Protection Insurance. It is actually a product of insurance that allows those who give loans to ensure the repayment of the money they have lent. It is applicable only if the borrower of their money loses a job, becomes disable or ill, dies or if he is going through any other circumstance that is preventing him from making income so he can repay the debt. PPI is a simple and understandable concept. Now, the question is that what is a PPI claim and what is the reason behind its presence in rules and regulations of law and order.
PPI is usually sold at a quite big range by numerous credit providers such as banks as an additional thing to the overdraft or loan product. It is purchased for the insurance of almost every type of consumer loans which includes home mortgage loans, loans from companies of finance, car loans and few other types. But these days, breaches and frauds are usually involved in most of the cases of loans. The mis selling of PPI has become extremely common and it has been recorded about twenty million people have became a victim of mis selling of PPI in United Kingdom. The answer to the question what is a PPI claim lies with these frauds that are present with the mis selling of PPI.
When a person asks a usual person that what is a PPI claim then he only gets to know that it is just a claim to get your money back if he thinks he is been a victim of PPI mis selling. But it is highly preferable that a person should ask an expert of law that ‘what is a PPI claim’, because he is the person who will give him the full detail. Through the law professional he will get to know that insurers and lenders include hidden or unfair policies with the contracts due to which the person who takes loans from them pay unnecessary amount of money which is illegal. Through the PPI claim the amount they have lost can be recovered.
So, if you have covered any loan in recent time then it would be a good thing to consult a good law firm and ask their expert about what is a PPI claim because there are high chances that you might be a victim of its mis selling.
Johnson king is a passionate writer having vast experience of in Miss Sold Mortgages, Mortgage Audit and PPI claims.