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Mis-Sold PPI
24 July, 2011 (08:57) | Uncategoriz ed | By: admin
PPI or Payment Protection Insurance is taken for the protection of any financial institution or lender due to the risk in giving out money on credit cards or mortgages or loans. If any borrower is not able to pay the debt because of illnesses or accidents then PPI helps to settle debt in little time. If you come across any mis sold PPI or think that mis selling of PPI is involved in your loan or credit card insurances, you do not have to worry. All the financial advisers, credit card or finance companies, and banks have strict rules that they must follow when they provide you mis sold ppi . But in spite of these rules, mis selling of PPI has not been stopped totally. It has become a growing cause of concern and the FSA is trying hard to control mis sold ppi claims . For example, if you have applied for a loan and you have been informed that it will be accepted if you purchase PPI, this is to make sure that the lender keeps getting their money if you become sick, have an accident, or become unemployed. To you it may sound like a logical reason, but it is not legal. You should not take it because they will not inform you that it is only the interest which gets paid. Without knowing you apply for it and later you are been informed that the repayments of only some amounts include protection. You dont have any idea what protection means and yet you agree. This is what mis sold PPI is all about. Payment Protection Insurance should be offered separately. There are some ways through which you can figure out whether you have been mis sold PPI: Were you informed about exclusions like pre- existing conditions? Did they inform you that most of the PPI from the one time premium payment is for 5 years? Have you been informed that even after 5 years you will still have to pay interest on the initial premium since the premium is directly added to the loan? Did they inform that the premium will be added to the loans and subject to the interest? Did they ask you whether you are self- employed or unemployed? For any of the question mentioned above if the reply is no, it is a clear indication that you have been mis sold PPI and you must take proper action. You must investigate all the possibilities of Payment Protection Insurance mis selling because you might at least get back your premium payments. You should not feel bad even if the person who sold PPI to you is your close friend.

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Loan and credit card firms which state that signing for their Payment Protection Insurance is essential are guilty of mis- selling PPI. If you feel that you might have been involved in Payment Protection Insurance mis selling, you can get help from any genuine online company. Today there are several online firms available who specialise in PPI and its consequences.

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