Categories Insurance

Important Things to Know About PPI Claims

Banks introduced payment protection insurance (PPI) as a way of helping to protect consumers in case of life crisis that would prevent them from paying off debt. PPI was a great product. However, most banks realized how much profit it yielded so they put pressure on employees to sell the insurance. It was often sold unclearly and unnecessarily to customers.

Financial products such as mortgages, credit cards, store cards, overdrafts, catalog credit, credit cards, personal and secured loans are some of the products on which PPI could have been mis-sold. There are a lot of ways in which PPI was mis-sold. Mis-selling tactics were vast, and in most instances, it was added automatically without the customer’s consent. Below are ways of knowing you were mis-sold PPI and you could be eligible for a claim.

Were Benefits and Costs Made Clear?

Consumers need to be able to make an informed decision about the products by themselves. They should know what costs the policy is adding to their debt or loan and the benefits it is providing. Most of the time, customers involved in such scandals were not given the details. This also includes if the bank disclosed how much commission it was receiving on the PPI policy.

Did You Know the PPI Is a Necessity or Optional?

PPI is not required to take out a credit card, loan or mortgage. Some customers were under the impression that it was compulsory. Some people even refused the products and were still being charged.

Policy Limitations

Most policies have limitations which could prevent you from ever utilizing the insurance. Things like employment, pre-existing medical conditions and age are some examples of things which could be limits on the policy. These should have been asked beforehand.

In case you have experienced any of these situations, then you could have a case against the banks to file PPI claims. Here is how to claim PPI.

How to Claim PPI

Find Relevant Documents

This includes everything which shows you have taken out a policy and shows that you are making payments for it. If you are not sure if it is relevant just copy it.

Write to the Provider Who Sold you the PPI

It will not take too long to do this. You can use an advice service PPI letter or filling in a questionnaire that most banks have on their websites. It is a standard form which is used by financial ombudsman service. Send the relevant documents and explain why you think you were mis-sold PPI.

Send Complaint to Financial Ombudsman Service

If you do not get a response within eight days, you can send a complaint to the ombudsman who will ask you to fill a questionnaire to decide if you have been mis-sold PPI.

These are some of the important things you need to know as far as mis-sold PPI claim is concerned. Knowing your eligibility and how to claim a PPI is vital to PPI claims.

Categories Insurance

Feature Of A Good Insurance Agent

wwe4r5etyfdFinding a good insurance agent can be a daunting task at times. This is more especially if you have not dealt with matters insurance in the past. Like it is with other business types, we have a variety of insurance companies and agents that one can choose from. However, it is important to note that not all insurance agents and companies are equal.

Since there are so many agents who are offering insurance services, it can be at times complicated to choose the most suitable one. But the moment you find the most suitable agent who cares about you and your needs it will be the best experience for you. Let us look at some of the attributes and feature that you should be looking for in a good insurance agent:

Availability

It is important that you select an insurance agent who will always be there for you when you need them most. What this simply means is that you have to select an agent who will be willing to give you plenty of their time when you need to sit and discuss issues with them. The best people to settle on in such instances are agents that have a low workload. Try as much as possible to work with agents who have less than ten clients. This is informed by the fact that the less you have to compete with other clients the high the quality of service that you will receive.

Variety

For instance, your immediate requirement is motor vehicle insurance, but home, health, and life insurance needs are not very far. This is why you will need an insurance agent will be able to help you with all the necessities and any future requirements. This is very beneficial as you will not have to deal with many insurance companies, to get the protection of the common things that you need. That is why it is important that you select an agent who provides a wide variety of coverages even though you may not be needing a wide coverage now.eretygfhgdfs

Reputation

In the insurance industry, reputation is key. Therefore before you settle on any insurance agency, it is important that you make inquiries from your family, friends, and even co-workers. As for them about the agents that they are using currently and why they did settle on them. If an agent has a good reputation then know that their services are good, they handle their claims promptly and they don’t have huge deductibles.