PPI and People in Debt

The PPI scam has uncovered the massive malpractice that the banks and other financial institutions have indulged in with many people making PPI claims to get their money back. If you have been mis-sold a policy, you need to understand about the PPI basics to make a proper claim. The main significant fact you should know in making a PPI complaint is that you should have been mis-sold while taking the policy. Even if you do not have the loan at present, it does not change the fact that you have been mis-sold.

Influence of Financial State on PPI Claims

The financial state you are in will not alter the act of mis- selling any way. Even if you have been bankrupt or taking a debt management plan, you can still make a PPI claim. You should also know that in case you have a debt with the concerned lender in the same account or the debt is related to a past one, the PPI refund you get from the current one can be used to settle the debt. The lender can accomplish this without your acknowledgement, but you can get PPI help if the procedure affects you financially.

Refund Considerations

In case you have purchased a policy before an order relating to the bankrupt state or insolvent state you are in was made, the chances of making a claim is implausible. Irrespective of whether the assets are part of your possessions or they have been discharged, you cannot make a refund.

Making a claim can be done by yourself or with the help of PPI claims companies who specialise in such matters – this would be best if your case or financial affairs are not so straightforward. PPI assistance can be sought from the financial ombudsman services too, but your PPI claims may take some time to be resolved as there are numerous pending cases that are yet to be solved in the PPI fraud.