The Scandal of Payment Protection Mis-Selling

With premiums netting a lender up to 90% profit it is little wonder that across the globe each year millions of Payment protection policies are pressed onto unsuspecting borrowers. The range of cover went from home protection and car cover, through education and onto any loan for any purpose. The way the selling was set up meant that at every turn each part of the loan procurement industry was incentivised to get the product sold at all costs. Rewards for selling were very lucrative and many significant commissions could be earned. As a result of the money that could be earned agents tended to push and mislead consumers into believing that a particular policy was mandatory, when in fact it was not. Borrowers applying for anything from a credit card, mortgage, to a personal loan with a financial institution were told that they had to sign up for the PPI or they would not get the advance they sought.

What is PPI

A PPI Policy is an instrument which would cover an individual in the event that occurs which prevents the loan or contractual payment being made on time or at all. For instance redundancy in today's difficult economic would be a factor that might lead to a call on the insurance. The problem with the selling was that agents or bank employees driving by commission would sell the insurance without fully detailing the pluses or negatives of the policy and without outlining the exclusions or checking of a personal would actually benefit from the policy at all. The unemployed, self employed or pregnant could never have claimed and yet they were still sold the policies.?? Unfortunately, unsuspecting borrowers were offered the unfair ultimatum of purchasing a policy they do not want, need, nor understand else they may denied the credit for which they are applying.

What to do if you are a victim of a mis-sold policy

In the event you have been falsely led to believe that your purchase of a PPI was mandatory, you may be entitled to compensation. Alternatively even if you were not told it was mandatory you may also be able to claim of you could never have been able to claim because of your circumstances. In most instances, your money can be restored in as little as eight weeks, so act quickly and get yourself a claims management company. If you cannot find one the writer will be able to assist.

Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company.
sthatcher@helpwithdebtuk.com
http://www.helpwithdebtuk.com
0116-217-1406