Tips for Mis Sold Payment Protection Insurance
|
There has been quite a bit of controversy over the last few years about payment protection insurance (PPI), mainly due to overzealous brokers making use of unethical practices when selling it to clients. The term now used for this kind of activity is known as mis sold payment protection insurance or mis sold PPI.
In numerous cases of this mis-sold PPI, the loan providers would lie and convey to the potential loan borrower that they would not receive a loan without buying the PPI. This was of course a false statement and a measure to deceive. In these cases, the borrowers that feel for the trap to buy the PPI were charged a much higher priced policy than if they had purchased PPI on their own.
Other borrowers may not even realize they were sold a payment protection insurance policy. It might be a wise choice if you had received a loan or mortgage and were never offered PPI to check and see if you are paying for a policy you did not consent too.
We have a short list of questions to ask to see if you were mis sold payment protection insurance.
* Did the lender tell you the policy was not optional, or did they indicate that the PPI cover was required in order to receive the loan?
* Did the lending company ask about your employment status and whether you had any pre-existing medical conditions?
* Did the lender allow you to look into the policy terms and conditions before the close?
* Did the lending company ask you if you owned any other insurance that could cover such risks?
* Were you sold PPI while self-employed?
* Were you told of the limitations and just what pre-existing conditions wouldn't be covered?
* Did the lending company advise you on the the total APR would be of your loan with PPI incorporated?
* Lastly, if you did purchase payment protection insurance and tried to cancel it, were you denied?
In the event you responded yes to some of these questions it is possible that you may have a case and therefore file the ppi claims. There are several ways one can do this. It is possible to contact specialists in the field that may help you with the claim. Many companies will do all the work trying to acquire a fair settlement for you. You are also able to pursue your mis sold payment protection insurance claim by getting in touch with the Financial Ombudsman and get the info needed to file. |
|
Author Resource:-
If you feel you were mis sold payment protection insurance and wish to find out more, contact Simplicity Claims, they can act on your behalf filing PPI claims or offer you more information.
|
By :
Andrew Thorn
Submitted
2010-08-03 12:57:16 |
Article From Article Mayhem
 Ezine ready view |
|
|
|
Related Articles
|
|
|
![[Valid RSS feed]](http://www.articlemayhem.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed![[Valid RSS feed]](http://www.articlemayhem.com/images/rss.jpg "XML Feed For RSS")