Protection insurance is an insurance policy

Protection insurance is an insurance policy designed to ensure that the customer keep up payments on a mortgage or other loan in the event that they find they are no longer able to work. The consumer pays a regular amount into a policy and this is used to create a fund that any necessary payments may be attracted. If you have taken out a mortgage, credit card or entered into any sort of credit agreement in the recent years you should investigate whether you then have a Pi policy attached.

A few years ago the powers that be looking to a number of complaints from customers that they had been mis sold PPI. The particular findings were quite alarming since they uncovered regular instances of PPI policies being sold to customers in ways that were not acceptable. Indeed, some people had been completely unaware that they were spending into such a policy and there may remain many people who nonetheless are. It has always been the case the consumer had the right to shop around to get the best payment protection policy available, yet most of the time it had been inferred to the customer that they will need to take out a branded package through the lender in order to secure ppi reclaim the loan or even mortgage they required.

This exercise is, and always has been, illegal together with new regulations have been drawn up that will make sure consumers are no longer subjected to this sort of. It is now against the regulations to sell the PPI policy at the point associated with sale of a credit agreement as well as sell one within a set amount of granting the loan. This gives the customer time to look for a good deal without pressure.

Should you believe you have been mis sold PPI you need to contact one of the many firms regarding solicitors offering their help in pursuing such cases, and you may find that you happen to be one of many with a right to claim back unlawful charges.