Payment Protection Insurance is offered by banks and credit card companies in order to help people from getting into any debts and maintain repayments.
It serves in cases like involuntary unemployment.
The policy can be taken under any conditions, say sickness or accidents.
They offer necessary requirements on such situations.
But there are issues related to these PPI policies, that they don't keep up their promise.
The providers insist people on taking their policies but they don't check out whether the person could afford for the cost.
There are also some other PPIs, which do not offer the policies to people who are not self employed.
They also do consider some more conditions like whether the person owns a home or property.
The lenders insist the borrowers to sign the terms and conditions without even explaining the policy clearly.
They generally don't mention about the negative points in their policy before selling them.
Whenever the lenders commit their clients to a policy agreement, they are supposed to give advices on the policy and explain the drawbacks if any.
But this is what the PPIs fail to do.
All these have led people to run for PPI claims.
Even there are some PPIs which formerly get signed in the policy, so that the person is unable to go for a claim.
If the PPI policy is mis sold to a person, then he could go for a PPI claim process.
PPI Claims are also applicable to people who were not informed about the cost of the policy earlier.
In most cases the Mis Sold PPI makes the loans or credit card agreements totally unenforceable.
If claimed in a proper way, one could get back all the payments with interest.
Several organizations come forward in helping people to get their money back.
If it is a reasonable and acceptable claim, then the compensation will be made after consulting with the PPI provider.
For a successful claim, there are several things to be taken into consideration.
One should have a clear cut idea on where to go for.
Some of UK's leading legal firms challenge on the PPI lenders on a "No Win No Fee" basis and safeguards people from legal debts.
They not only claim back the money on Mis Sold Payment Protection Insurance, but also help in wiping out the outstanding balances of your debts.
There are also various other Claim Management Companies (CMC), which brings out a high compensation amount and also by providing you with a high back end success fee.
It is better to claim for the maximum benefit, so that you could be afforded at least with the minimum.