| p>The controversy surrounding Payment Protection | | | | Another common fraud is when people are not |
| Insurance refuses to die down with an estimated 3 | | | | informed that a PPI has been added to their account. |
| million people filing a claim under PPI. The compensation | | | | Sometimes borrowers are coerced into accepting a |
| claims are likely to increase to £ 3.2 billion. The | | | | PPI when they are told that a PPI would increase their |
| Financial Services Authority has issued several new | | | | chances of an approval. People with credit cards are |
| rules, to address the recurrent complaints by | | | | most likely to be covered under the monthly premium |
| consumers claiming that they were taken in to PPI, | | | | policy. This would have been added to their account |
| either without their knowledge or with incorrect or | | | | without informing them and the customer would have |
| incomplete information. | | | | missed to choose the 'opt out' icon on the statement. If |
| Among the other guidelines, the FSA asks banks and | | | | you think you are paying for PPI, but don't know how |
| lenders to educate their staff and retailers about PPI | | | | to check, simply check your monthly statement. |
| and also about maintaining a complaints book that | | | | PPI does not allow for people who have reached |
| details the complaints and claims under PPI.A lot many | | | | the upper age limit (65-70) to apply. If you were in the |
| people are applying for a claim under a mis sell. For | | | | upper age bracket and were sold the PPI, it is a mis |
| those who are not too sure if they file a claim under a | | | | sell and you can claim compensation. |
| mis sell, here are a few pointers that would tell you if | | | | Now that we have discussed what amounts to a mis |
| you were mis sold a PPI. | | | | sell, let's discuss about what should be done, once you |
| The most obvious fraud is when people who are | | | | have realized you have been mis sold. You can apply |
| not eligible for a PPI are sold insurance, for example | | | | to the company or lender which sold you the PPI, |
| people with a history of medical ailments like heart | | | | stating why you think you have been mis sold. If your |
| patients, diabetics, patients with a high blood pressure | | | | request is turned down you could contact a claim |
| are not eligible for a PPI. Besides these, people who | | | | management company, who would go through the |
| are self-employed, unemployed and retired cannot | | | | case and let you know if your claim is legitimate and |
| apply for a PPI. Also people who are eligible for a full | | | | then file it. You could also contact the FOS, who would |
| sick pay (nurses, doctors, police personnel, armed | | | | hear you out and make the appropriate decision. |
| forces) are not eligible for a PPI. A reclaim from any of | | | | Apart from the reclaiming you're PPI, you could also |
| these people would be rejected. When people who fall | | | | apply for compensation for the mis sell. This would |
| under any one or all of the above mentioned | | | | include returning the entire premium and other charges |
| categories are not informed about their non eligibility, it | | | | that went towards the PPI with a statutory interest of |
| amount to a miss sell. | | | | 8 % /annum. |