Have You Any Idea if you have a Mis-sold PPI?
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by: gwynethparry
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You may probably have been mis-sold ppi if you were pressured into taking out payment protection insurance on a loan. If you increase or top up your loan, with the payment protection insurance added automatically, then it was a mis-sold ppi policy. A number of loan brokers likewise gave misleading advice to their clients by telling them that they would increase their possibilities of being accepted for the loan if they will take out a payment protection insurance policy. Some sales representative didn't check the work status of their clients and even if they were self employed, unemployed or being employed as a part time, they were still sold a ppi policy. Payment protection insurance policy was useless with them due to the exclusions of the cover. Even the people who were retired, student, with pre existing medical problem, or on benefits were also mis-sold ppi policy. The cover was completely useless for them, and they will not be able to make a claim on it in times of circumstances simply because they do not meet the criteria to make a claim.
Payment protection insurance policies are usually very expensive for the level of cover they give and many policies have significant exemptions making it hard for the policyholders to make a valid claim. Investigation recently revealed that up to 2 million policies are actually sold to people who may never be able to make a claim because it was a mis-sold ppi policy to them.
Payment protection insurance policies are actually sold to offer protection against the inability to cover regular monthly loan repayments due causes just like illness, loss of employment, accident or redundancy. However, the fine print attached to these policies often excludes many policyholders from making a claim. This has been judged as mis-sold ppi and unfair treatment to the clients.
In the event you apply for a loan over the phone, ppi cover is frequently added to the monthly repayment cost of the loan. This quote is then officially sent as a contract to the customer to be signed. It is only when the pre filled application form is acquired that the client discovers the insurance has been added on, at which point most people worry that if they won't take it, their loan application might be rejected. If that has happened to you, then you may have been mis-sold ppi and you can claim back all the money you paid for the premiums, including the interest.
About the Author
Gwyneth Parry writes about mis sold ppi claims and other financial products for UK based site www.ppirefundsuk.co.uk. She also tweets about unfair mortgage charges and the financial claims niche generally, as well as writing articles on personal finance, house sales, repossession and business finance.
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