Payment protection insurance has been one of the most controversial financial scandals of the last ten years, with thousands being missold the insurance to the estimated cost of over a billion pounds. How can you tell if you were missold the insurance? Read on
One of the most common indicators as to whether or not you were missold the insurance was if you were told that it was a compulsory part of obtaining any loan or credit card. Under no circumstances should this particular insurance have been sold as compulsory, as it is only an option. If you were pressured into purchasing the insurance in any way, then it’s entirely possible you may be eligible to receive compensation from the financial institution that first provided it. Obviously an expert that is able to provide you with a PPI calculator will be able to help you make that decision.
There are also certain groups of consumers who were largely ineligible for this variety of insurance who were nonetheless targeted with sales anyway, so if you fitted into any one of them when you were sold the insurance, then you are likely to qualify for the refund. These groups include students (who often don’t work sufficient hours to qualify for the insurance), self employed (who were often sold the money whilst not actually being able to claim the payout should they be unable to work) and pensioners (who would not qualify to claim any money on the policy due to the fact that they are not in paid work. Check with the experts, but you are likely to be eligible for refunds if you were in one of these groups.
One of the more surprising factors that is actually involved when it comes to becoming eligible for payment protection insurance, is that many of the loans were sent as part of a mortgage. Yup, most financial institutions really weren’t shameful on how the insurance was sold! If you purchase a new mortgage within the last ten years or so, then you might have been missold the insurance as a side to the mortgage itself – a practise which was immoral and has since been declared illegal. Check your mortgage policy, as you may even be paying for the PPI without being aware of it – cloaking sales were common at the height of the scandal, so it’s certainly worth checking out for.
It is likely that if any of the above situations sound familiar to you, then you are probably eligible to claim a refund. Banks have kept back an estimate £3bn in funds for PPI, meaning that they have now reached a stage where there is little resistance by them in paying off what they owe – something that was certainly not always the case when it came to the delays whilst PPI repayments were debated in the courts.
One of the most contentious issues in the financial industry in recent years has been over payment protection insurance. Many banks have been accused, and found guilty, of misspelling the cover at costs estimated at around £1billion. Using a PPI calculator can help you find how much you’re owed, read on
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