However are over 20 million payment protection insurance

However are over 20 million payment protection insurance coverage currently in existence in the UK, it appears that many people are still not fully aware of what or what it does. Those that don't know what could be missing out on a possible PPI recapturing opportunity because if they have payment protection insurance policy on loans or credit cards, and without knowing it then it must have been mis-sold!

Protection Insurance, or PPI, is sold together with credit cards, store cards, loans along with other financial products such as mortgages, and is purported to cover the repayments in the event of automobile accident, redundancy or illness preventing the particular debtor from working. In theory it is good insurance to have, as it gives some sort of borrower peace of mind that the debt monthly payments will be met if they are unable to function. However, due to the massive profits the particular banks have made out of selling payment protection insurance, many instances of mis-selling are already uncovered as commission hungry salesmen have sold it as aggressively as possible.

One particular example is the fact that many payment protection insurance policies payment protection insurance claims have been sold to people without them possibly knowing about it! Most people when taking out a loan or credit agreement will normally only ask as to what the regular monthly repayment is, and if the find quoted is affordable will usually point out "yes" if the bank has recognized them. However, often the monthly repayment amounts are INCLUSIVE of payment protection insurance, but the borrower is not always told that.

Therefore, debtors are urged to check their loan, credit card together with mortgage statements to see if they have been a new victim of mis-selling because they may have a valid case for PPI reclaiming. If the loan, credit card or mortgage agreements contain payment protection insurance, and you have been unaware of it, then you can ask your banker for a refund. If you are unsure about how precisely to go about PPI reclaiming, then why not use the expert services involving UK Money Solutions? They will manage the whole process for you, including helping your claim all the way to the Ombudsman if necessary, and they do not charge upfront fees.