A Claim PPI would be made in case unemployment, injury, or illness happened affecting their ability to generate income to repay a loan.
Paid protection insurance or PPI was initially sold to unsuspecting customers as a means of helping them make repayments on debts in case of such occurrences. These debts included mortgages, personal loans, and credit cards. Customers unfortunately found out the hard way that there were too many claim exclusions hidden away in the fine print of the insurance terms.
Many of these PPI plans were improperly mis-sold. Recent high court rulings now require any Claim PPI to acknowledge the claim’s receipt within five days by the provider organization who originally sold it to the insured. They must either accept or deny the claim within eight weeks. Claimants can take their answered claims to the Financial Ombudsman Service (FOS) if unsatisfied with the outcome or received no answer at all.
Claims can still be filed on expired PPI policies if the provider broken the mis-selling rules.
A Claim PPI has a time limit of six years to complain to the FOS or within three years if the insured first became aware of the possibility a claim existed. The greater time period of the two takes precedence in a Claim PPI.
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