Securing insurance policies has become quite the rage in the last few years. People have actually come to realize the value of having the necessary coverage in their lives. Before, most individuals were not that willing to enter into these types of transactions because they did not consider them as wise investments. Moreover, there had been more than just a few cases of people getting ripped-off by insurance companies. This was mainly due to the fact that the insured was not properly informed about the terms and conditions of the policies he was taking out. That's why a lot of them paid for policies that they did not really need.
Let's take as an example this so-called payment protection insurance policy. This type of coverage was really popular some years ago. It was aggressively sold with personal loans and mortgages, especially through brokers. The sad thing about it was that the main objective of this insurance was actually quite practical. It was supposed to answer for repayments for one of financial obligations in the event he becomes incapacitated to do so. For example, if you have a standing real estate mortgage, it was proposed to secure this policy to cover for the monthly amortizations. Here, if you suddenly became unemployed or sick, the policy can answer for the repayments in the meantime.
Unfortunately, there were a lot of people who were mis-sold their policies. They ended up paying for much higher premiums since since they were not informed that they could have shopped around first. Others were even made to pay a single premium on the entire package. That's not the end of the sordid tale. The worst part is that up until today, there are those who still have not claimed their mis-sold policies. If you are one of these persons, then it's time to make a move. Otherwise, your rights to institute the action may prescribe as well.
The first step in making the claim is to determine whether or not you have such a policy in existence and if you can still claim the refund. If you were sold any form of this policy within the past six years and it has expired, you could have grounds for a claim. Second, try to recall how it was sold to you. A successful claim against the seller may depend on how the policy was sold. Many purchasers have no idea why they were offered the plan. Lastly, make a formal complaint to the one who sold it to you. If they reject your complaint, secure a "deadlock letter" and take your case to the Financial Ombudsman Service.