It is a good thing to know that something that you have paid for would actually save you if something not expected happens like being ill or lose your job, because you won't have to worry about payments on a loan, credit card, mortgage or other credit problems. But if it is bought without the approval of the buyer the PPI will become mis sold PPI.

Payment Protection Insurance typically covers the borrower against an accident, sickness, unemployment or death, circumstances that may prevent them from earning a salary/wage by which they can pay their debts. It is helpful to purchasers who know the real application of the insurance in their loans. But to those who does not know it will have no use at all.

Mis sold PPI happens if the purchaser or buyer of the PPI does not know that he is actually buying the PPI without his approval or if the buyer is forced by the broker or other financial institutions to buy the product or else their loans or other credit transactions would not be granted. The price of the mis sold PPI is about 16% to 25% of the total amount of the debt or borrowings which too big for a worker who has an average salary or wage. Profits of credit and other financial firms rocket high because of these products.

Authorities are flooded with so many complaints about this controversy. There are over 20 million policies sold and most of the purchasers wanted to reclaim their mis sold PPI. Authorities are in difficulty on how to handle the massive complaints.

At this time there are about two million compensation complains being resolved and the authorities are working hard to address all the complaints of the purchasers in their respective credit and financial institutions. Mis sold PPI claims are not necessarily reclaimed due to reasons on how the product is bought. As stated earlier mis sold PPI are caused by the brokers or the credit or financial institutions fraudulent actions.

The successful claims will be notified and will be subjected to compensation. There are institutions that help purchasers in their quest for claims for compensation. Guide them in the right track in order to recover the fair and just claims allowed. The successful claims will receive the full pledged amount of the policy, the charges and damages and the interest earned entitled to the policy. 

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