Financial security is something that everybody wants and needs, any form of it is a great commodity among those who need it the most. The PPI is one great example of this and to add to this information is the fact that about seventy two percent of the total adult population in the UK alone have the PPI policy which is a great number to begin with. However, there are some unlawful things happening regarding this policy, like the financial phenomenon that is the mis sold PPI.

But before the mis sold PPI is further expounded, discussing more on what a PPI really is is only proper. Payment Protection Insurance or PPI for short is a type of insurance that has a great purpose of covering whatever outstanding debt you have for a certain period of time. After an accident, a calamity, unemployment or whatever circumstance that hinders you from getting your salary or whatever it is that is the source of your income. This PPI has its terms and conditions that you must be informed about before you are given the policy for your purchase. However, this policy is not all what it is ought to be, sometimes it can go horribly wrong without you even knowing that it is actually happening.

You must be wondering by now why thousands of PPI claims are made, it’s as if the PPI isn’t turning out as planned by those who offer this. Brokers are responsible for your transaction that’s why it is important that you trust and know your broker that well so that less chances of foul play is expected. But what is more disturbing is the fact that recent statistics have gathered that forty percent of those who have this policy claimed that they were unaware that they have this policy from the start. This information has reached the attention by the authorities and for now, are acting against this.

A mis sold PPI is something to be seriously dealt with your broker may have given you this mis sold policy in purpose. You see, when you purchase a PPI, a percentage of that payment serves as a commission for your broker and if your PPI is an expensive one, his commission would be larger. Also, he must inform you of every detail, terms and conditions that your PPI is enclosed with. Payment is a crucial detail in this business and if he fails to inform you about this then you can suspect that your PPI might be a mis sold one.

Is making a PPI claim necessary? What you need to know is that a single mis sold PPI can cost you a lot of money and maybe even cause so much damage that a financial recovery would seem dim. A compensation would be something that you would need in the long run and everybody affected by the mis sold PPI should make a claim for themselves too.