When you are applying for the credit card or for loan or any other financial support, the bank will sell an optional product name PPI i.e. Payment Protection Insurance as a backup to ensure the continuation of your payment in case you are unable to pay them if you are ill or faced an accident or unemployment problem. When someone traps in these situations can go for the PPI claims.
Full details of PPI are usually given alongside the original documentation of the loan or so but most of the time the customers remain unaware about the ppi claim procedure as they are not properly explained by the official while accepting PPI. The result is mis-sold PPI.
How would you know that you are mis-sold? If you do not ask for the policy and you are not informed that self-employed are not eligible for the plan. You are mis-sold, when your policy is expired and you cannot claim that. Even when you are not aware the policy is optional and when you do not ask about medical conditions include in mis-sold PPI.
PPI scandal is considered to be one of the worst experiences to the banking industry in the UK. Thousands of people were mis sold PPI policies. As a result, in 2011 as per judicial review banks are ordered to pay the money if a complaint of mis-selling does prove genuine.
To make the claim you have to complain to the firm who sold the policy informing all the reasons why you believe you are mis-sold, sometimes those firms acted as a representative of another company. Major finance companies repaying the amount but there is also evidence that some of them deny paying which only can be obtained by challenging them. Nowadays some companies helping people in PPI claims. Click here to know more about them.