Posts archived in Mis-sold PPI

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April 8, 2011

Deal With Your Mis-Sold PPI

Mis sold PPI has become one of the most controversial scandals in the financial world. Payment Protection Insurance is sold by banks and other financial intermediaries alongside mortgages, loans and credit cards as a safeguard to the payment of debts in the event of an accident, sickness, or unemployment that may take place during the term of the loan. However many financial institutions may have mis sold PPI to customers that has made them billions in profits.

With the continuing rise of people getting loans and mortgages, it is not anymore surprising that mis sold PPI also starts to rise in number. With massive commissions paid to top sellers, it is then expected that some salespersons will do anything just to get customers to take PPI. These customers may not even need the insurance but nevertheless they felt obliged to buy.

In most cases of mis sold PPI, the lenders would tell potential borrowers that their loan will only be approved if they will purchase a PPI. This misleads the customer into buying the PPI. In these cases, the borrowers that did agree to purchase a PPI will later realize that had they rejected the policy and looked for other options, they could have saved substantial amount of money.

If you think that you become a victim of mis sold PPI deals, then you are entitled to file PPI claim. You can contact solicitors in the field that will help you with the claim. Finding a good solicitor isn’t a problem. There are lots of them for you to choose.

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January 10, 2011

Mis-sold PPI from All Types of Loans

Many lenders and insurers are paying out compensation to their clients due to mis-sold PPI complaints filed against them.  A lot of their sales people did not fully explain the PPI (Payment Protection Insurance) added to the borrowers’ loan or credit.   The borrowers were taken out cover and the representatives did not fully explain the details of the policy to them.

It is unbelievable how customers have been mis-sold PPI policy by the sales representatives.  The criteria of the policy were not explained to them in depth.  Sellers did not take time to explain the full and important details of the policy which caused a massive problem to the financial institutions.  Customers found that when they needed to use the insurance, it was completely useless for them and taking this policy which they paid over years was completely pointless.

Different types of mis-sold insurances were brought to the Ombudsman’s attention and majority of them were complaints regarding mis-sold PPI related products.  Most of the borrowers were pressured by the sellers by telling them that the PPI policy was compulsory.  Customers were told that the insurance policy was needed for their mortgage loan, car loan, credit and store cards and other products which needed financing.  Blackmailing to customers also happened in some cases and the terms and conditions were not brought up to them.