What is ‘Mis Sold PPI’?

Perhaps it is not so wise to be insured nowadays as cases of mis sold PPI or Payment Protection Insurance have affected many clients. Insurance policies are supposed to assist in emergency cases, such as loss of job, sickness, and accidents, that disable clients from paying out their loans and debts. In cases of mis sold PPI, customers are devastated to realize that they will not be able to enjoy the benefits of their insurance for surprising reasons. In insurance policies, there should be no surprises as every detail of the policy should be informed to customers even before they could apply.

PPI mis selling commonly happens when clients are misinformed or inadequately informed about the policy that they are about to apply for. One common scenario is when clients are unable to make a claim because their circumstance is no longer included in the policy. This should not happen. Clients should be aware of this fact. However, since they were not properly informed, this turns out to be a big surprise. Another way of mis selling PPI is telling clients that PPI is required before applying for a loan. You have to know that it is always optional and it is never a pre requisite in applying for a loan.

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Tags: bank loans, mis sold PPI, PPI, PPI misselling