PPI may have been mis sold

Payment protection insurance or PPI is a type of loan insurance rebate to protect an outstanding loan or credit card. This is often sold by banks along with the credit products they sell. The main purpose of this is to insure the debt of the borrower in case of sickness, accident or unemployment Again some people were unaware it had been added to the credit card and were uninformed that the premiums would increase in line with your outstanding balance each month. There are people and firms who can help you handle your Mis sold PPI on you credit card claim in house and you can be in no doubt with the level of proficiency they have in the financial services market they will leave no stone unturned when auditing your case for being Mis sold.

 

This is fine in theory although many people have been mis sold these types of policies. Here are three reasons why:

 

If there is Mandatory Selling

Many have reported that the PPI claim letter to bank was forcibly sold to them by the banks. Most consumers agree that they do not need the insurance but the representatives from the lending company said that they will only qualify for the loan if they opt for PPI. Because of their urgent need for money, they reluctantly agreed to purchase it.

 

If it is sold in Disguise

Other agents sell the payment protection insurance in many disguises. They call it loan or credit protection or some companies use the term accident, sickness and unemployment cover. When a consumer sees this advertisement, they may be enticed with the appealing protection. Because most agents did not inform consumers about the exclusion clauses, many people are unaware of the pitfalls of the policy.

 

If it is added to the Loan

The Financial Services Authority receives countless complaints about the banks and credit facilities adding the insurance up front to the total amount of loan. This is known as a Single Premium Policy and is a particularly expensive way to protect your loan repayments.

 

Who’s best for claiming ppi? If you have found yourself with these three reasons, then it is right for you to reclaim your PPI. Your hard earned money which is of great value to you must be taken care of and must be spent in the best way. And as a consumer you don’t deserve to be deceived or mislead by the people who offer you a blissful return when they know that their products are sold in a dishonest manner.

Posted in Finance

Tags: loan insurance rebate, ppi claim letter to bank, ppi claims, who's best for claiming ppi