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The Miss-selling Claims on the PPI
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Posted On :
Jun-29-2010
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Article Word Count :
552
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Payment Protection Insurance (PPI) are one of those evasively sold policies in the past few years for all those customers of loan in the form of credit cards, store cards or debt products like car finance.
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Payment Protection Insurance (PPI) are one of those evasively sold policies in the past few years for all those customers of loan in the form of credit cards, store cards or debt products like car finance. Chances are that you were not fully aware of it or were aware of something like this associated with your loan but were not bothered to know how much it actually costs in the long term. While selling the plan to you either you were just brushed through a few details in a hurry or were convinced to buy this plan as it does justice to its name i.e. give you protection in the form of cost cover of the debt when you may be victims of unemployment, sickness or accidents. Since only the profitable points of the plan are highlighted and the monthly payments towards it revealed that may not give you a chance to calculate immediately how much it would cost over all and you eventually go ahead and subscribe for it anyways.
In May 2009 these PPI plans were found to be looting the customers off their money whilst proving to be of not much use for the customers either ways thus were banned by the government bodies and the FSA. However, in the UK, there are about 20 million PPI plans still effective and if you are one among the 20 million you must take immediate steps into PPI claims and getting back all that you have spent towards this policy’s premiums and its interests therein. You would be astonished to know that all these 20 million prevailing PPI plans in the UK at present earn about a whooping amount of £5 billion a year for the loan lending companies involved in selling these insurances.
While the basic idea with these plans is designed to serve the customers who might fall into financial trouble in the future, what really happens here is the customers are not let out all the information that pertain this insurance policy that may work against its actual purpose. For e.g. if you have a PPI for over a period of 12 months and the loan period is 5 years you can claim your PPI and have a taste of its benefits only for the one year of its term as for the rest of term of the loan you would not be covered even while you are required to continue to make payments towards the PPI.
As a consumer you can have a PPI reclaim based on the miss-selling of the PPI. Following are the categories where you can file miss-selling charges against the lender:
- In the case of being sold or explained the wrong idea about the PPI plan you can file suit against the lender. In some cases, the customer is even pushed into buying the PPI claiming that it is compulsory.
- If you were unemployed or self-employed at the time the PPI was being sold to you and was not informed about anything relative to the terms pertaining that condition.
- If you had pre-existing medical conditions and were not informed that these would not be covered as a part of the plan.
- If the lender has already been fined on selling PPI’s.
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Article Source :
http://www.articleseen.com/Article_The Miss-selling Claims on the PPI_23696.aspx
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Author Resource :
The author of this article knows all about PPI and has written many articles on PPI Claims. And the author has an excellent knowledge in PPI Reclaim and has been in finance sector for years.
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Keywords :
PPI, PPI Claims, PPI Reclaim, Miss Sold, Claim back credit card, Debt, Mortgages, Store Cards, Loans,
Category :
Finance
:
Finance
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