Posts Tagged ‘mis-sold payment protection insurance’

On mis-sold payment protection insurance: Don’t shrug your shoulders off it if you could claim it back

There has been way too much bad publicity on Payment Protection Insurance over the years. Then there are too many people making their claims and ended up bullied out of the case. You’re probably thinking it over and hesitating to do your thing. You’re a bit discouraged to push it through even though you know you were forced to take out the policy, and that you’d be wasting that money if you’re not going to claim it back. Well, then don’t. You cannot possibly just shrug your shoulders off a potentially large amount of money that the bank owes you this time.

If by any chance at all you firmly believe that the PPI sign up you made was not in accordance with the regulated sales process, then you can make a claim from your bank, the one that sold the insurance alongside your loan, credit card, or mortgage. You have heard it right when people started talking about how they were cheated into buying it.

Speaking of regulated sales process, PPI should have been thoroughly discussed with you when it was offered. That’s what should make it lawful enough and not fraudulent. Generally, PPI should be a brilliant option for credit consumers as it was designed to protect them from being up to the neck in debt and the bank from loss. The policy covers a portion of the repayment dues in times of sickness, death, accident, or redundancy. The thing about banks and other insurance sellers in the recent years is that they’ve so been so over the moon about profiting from this policy that they came up with horrible ways to just push the policy into people.

mis-sold payment protection insurance

In most cases, PPI was just applied to any credit agreement without the customer’s knowledge and permission. Online applications are just one of these incidents. Imagine the shock and disbelief that people had when they found out they have paid for something they haven’t even heard of until payment time. Wow!

On other stories, people were simply made unaware of what surrounds the policy. They were forced into believing it was compulsory and their credit applications were not going to be approved if they didn’t take out PPI alongside. Some were not even eligible to buy the product but were still made to. They were either under the age of 18 or over 65, with pre-existing medical condition, self-employed, or do not have a full time job. When they bought the policy, they didn’t know it was just good as dead because they won’t get covered if they needed it.

The shameless sales tactics have now been discovered and ruled over by the High Court this time. And what you need to do it to reassess your own financial account to see roughly how much you have spent on PPI payments and make a claim. You are most likely to get more frustrated if you knew you’d have thrown away hundreds, even thousands of pounds on an insurance policy that you knew was just wrongly sold.

If you need to get a hold of PPI information on your account, the paperwork should do the trick. Look around your file cabinets and drawers for your statements or credit agreement forms. There will be references to PPI in there. Also, a policy certificate would have been sent to you following the sale. Get them all together and inspect the details. It will also help to find information on the internet about how the policy goes. In cases of missing documents, contact your bank to ask for copies. They should be able to provide you with that. Read more »