Mis-sold PPI on Different Types of Loans
Posted at by ifydcat on category UncategorizedLots of people in the United Kingdom have been mis-sold ppi for several reasons and that is why these people are seeking assistance from the financial services industries that are experts and recognize how complicated financial regulations can be. The Financial Services Authority have reviewed the cases of mis-sold ppi and have already warned and fined several ppi related companies for selling the insurance policies to people who are not suitable in making a claim.
Payment protection insurance is often sold to people alongside a loan, credit card or store card, mortgage loan, car loan, secured loan along with other kinds of loan. Mis-sold ppi could happen in number of reasons. Some of the key points of mis-sold ppi on loans are people who weren¡¯t conscious that a policy was put into the loan or have been advised that it would help in their loan application and processing if they will take it. Most of your banks in the country have been greatly accused of mis-selling ppi policies and some of them have already been penalized because of this.
Many credit card holders have also complained because of mis-sold ppi cost added on their monthly statement. The credit card holders were not made conscious that the price of the premiums could increase in line with their outstanding balance each month. Same as the people who took a secured loan, they are also subject in mis-sold ppi policies. Their problem was the ppi policy does¡¯t run the whole term of the secured loan they took. The policy cover is commonly for a year, so if you took out a loan which lasts over a year, it means that you are no longer covered after the policy expires. In this case, you have mis-sold ppi policy. Some of the car dealers also offer ppi to their customers. They also used the identical tactics as other financial institutions and either told their clients that this policy was compulsory or they’ll have an improved chance of getting the car finance if they will add the ppi policy on to their loan.
Most of the policyholders were not made aware of the details of the policy. Important information that a customer must know was not discussed properly or the sales representative intentionally hid them to their prospect customers to avoid further questions and discouragements. Mis-sold ppi complaints were found to be from those who have had a pre-existing medical condition, unemployed, self-employed and retired over the purchase. It is impossible for these people to claim for the policy since they do not meet the criteria in making a claim.
If you think you have been mis-sold ppi alongside your loan, seek the help of Specialist Company in order to reclaim your money, including interest.