Missold PPI
Deceitful brokers and lenders may finally need to cease their high pressured methods and lies in regards to the sale of PPI. Even with all the bad press and rules which have been added, the truth about payment protection insurance and the rip-off that has been perpetrated amongst hundreds of thousands of unsuspecting consumers remains ongoing.
Recently a new rule has been put into place by the Competition Commission which declares that loan providers are not able to sell PPI to borrowers for the minimum of seven days after which the credit has been authorized. This practice obviously has the banking institutions in an upheaval. Many financial institutions will hold the loan hostage and formulate a façade that the loan cannot be approved without the purchase of the payment protection insurance premium.
Approximately six years or so ago, was when the PPI misuse came to light. Since that time a lot of finance institutions have paid out steep fines for the mis-selling of these premiums. They have furthermore had to compensate millions of dollars to customers who proved their cases were legitimate.
The banks as well as brokers whom have been carrying this out mis-selling have their own reasons for doing this sort of activity. The banks not only can charge you whatever they like for these premiums (these are nearly always 2x as much as if you found it at an independent office), but next they tack it on to your loan and you also pay the finance charges on this as well as your loan. Independent brokers on the other hand will generate 50% commissions on each sale they create.
If you believe that you have been mis sold payment protection insurance you have the chance to reclaim your premium and the financial institutes may have to tack on Statutory Interest at 8% per annum, and in all actuality more could be awarded. Regardless if your loan or charge card is paid off, as long as you can gather the proper documents, as well as information, you will be able to file a claim.
In closing, please find a short run down on the main situations on how individuals were mis sold payment protection insurance; you were told that in order to get a loan it was required you purchased PPI, you were not told the exclusions of the coverage, you were sold PPI even though you were self-employed, you were not employed at your current job for more than 12 months, you were not questioned of any prior medical conditions and you were not told the buying price of the premium. Invest some time into learning if and how you can claim a refund, it will be worth it.
If you believe you fell victim to mis sold payment protection insurance and want more information and tips on ppi claims please visit Simplicity Claims – specialists in reclaiming PPI Premiums.