Payment Protection Insurance is thelatest problem to hit the UK financial services sector. Over the last few years peoplehave found the terrible truth that they have wasted money on payment protec…
Payment Protection Insurance is thelatest problem to hit the UK financial services sector. Over the last few years peoplehave found the terrible truth that they have wasted money on payment protectioninsurance (PPI) that they need not have paid out to greedy banks, brokers andother financial institutions. The true statistics of mis sold PPI will probably never be recognized.Many people who have paid off loans may never know they had PPI insurance inthe first place. In many cases of this missold PPI, the lenders would lie and tell the potential loan borrower thatthey would not be granted a loan without purchasing the PPI.
There are some ways through which you can figure out whether you havebeen mis sold PPI:
· Did the lender tell you told the policy was notoptional, or did they imply that the PPI cover was required in order to obtainthe loan?
· Were you told that you would continue to pay intereston the insurance premium, even after the insurance expired?
· Were you working part time or in a contract when soldPPI?
· Were you self employed when sold PPI?
· Most PPI from a single premium payment lasts 5 years.Was that made clear to you?
· Have the terms and conditions of the policy been fullyexplained?
Financial advisers, finance companies and credit card companies andbanks have strict rules imposed on them that must be followed when they offeryou PPI to maintain your interest payments in the event of redundancy or illnesswhere your income is cut down. But in spite of these rules, mis selling of PPI have notbeen stopped totally. It has become a growing cause of concern and the FSA istrying hard to control mis selling of PPI. Once you have decided that you have been mis sold PPI, it’s time to make a claim.
Making a claim is a fairly straight forward process. You can do thisyourself but many consumers put off by the banks responses. There are companieswho can reclaim PPI for you savingyou the time and effort of doing it yourself. Most of them have an Internet website and you can start aclaim by filling in a short form on their website. First of all you shouldcalculate how much worth is your claim. Keep in mind that the process ofrecovering your money may take a while, requiring much patience on your part.