Were You Mis-sold Ppi With Your Loan?
The world of finance is a complicated tangle of rules and regulations that is confusing to any mere mortal
. That's why we turn to the professionals to guide us when we need help. The reason we have all the regulations in place in the finance industry is to make sure that these professional people do their jobs properly. So it's amazing then when you find out that so many people were mis-sold PPI.
What makes it even worse is that the idea of having payment protection insurance is supposed to put you at ease. With all the bad publicity lately, the idea of purchasing protection tends to leave a bitter taste in your mouth. So many people have been conned or ripped off as a matter of course by unscrupulous commission hungry sales people.
The biggest part of the problem is that PPI was added on to finance agreements when customers weren't fully in the picture. Often the customer wouldn't ask for the payment protection insurance and may not even have needed it. In some cases the clients were led to believe that they were required to take the insurance in order to get finance.
Some people may even already have had cover and not required anything more from a new agreement. If this applied to you then you share the situation with many other people who have successfully claimed their money back. There are lots of other reasons that could make you eligible for a refund.
There are lots of reasons why it could be worth your while to chase your money. Very often payment protection insurance was sold when the person selling it had knowledge that it would not pay out. During the application for finance the finance agent would have learned a lot about you. They would have known if you would not be able to claim because you were out of work at for any time in the last twelve months
There are other reasons the insurance may not have paid out when you needed it. If you were self employed at the time and you were unable to work then you would have had no help from your insurer. Any exclusion that could affect you should have been explained at the point of sale.
You may have been entitled to a refund because of early completion of the loan when your PPI was paid up front. Also if you insurance was paid up front then you should have been told that you could also purchase a pay monthly plan. Or even that you could look elsewhere for a more competitive deal than was on the table through the finance company.
There are so many ways in which people were mis-sold PPI that it's hard to believe that anyone was ever sold a policy correctly. If you have had any finance with PPI in the last few years then you should really check out the small print. You should also think back and try to remember if you were subject to any of the situations mentioned here. You could be eligible to receive a decent payout.
by: Carlos McClinket
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