What is a Mis Sold PPI

admin   February 26, 2016   No Comments on What is a Mis Sold PPI

Mis Sold PPI

Those who have a heavy burden of loans, credit cards, mortgages and other such repayment obligations would most certainly be aware of the term mis sold PPI. In plain and simple words, this is nothing but an insurance policy that is literally thrust on a customer. However, the irony is that the customer does not get the benefit of paying for such a policy though he or she is fully entitled to it as per the rules of the land. We will therefore, try and understand the pitfalls and grey areas that one should be on the lookout for when going in for such policies and to see that they are able to reclaim ppi should the need arise. First and foremost it is very important to have a thorough knowledge about such PPI schemes so that as a customer we are not taken advantage of. These insurance products are also referred to as insurance against credit protection. They include in their gamut almost all loan products ranging from credit cards to unsecured personal loans and also secured mortgage loans. Though the intention of such policies may be quite good the ground reality is that many customers have fallen victim to a mis sold ppi insurance.

What Does The Law Say

To a certain extent many people were victim of mis sold insurance policies because of the wrong interpretation of the law by some ppi claim companies, particularly banks and financial institutions. However, things are no longer the same and today all doubts have been put to rest because of a new ruling of the High Court. This ruling which is binding on all the banks, financial institutions and other such lenders makes it obligatory for them to be transparent and inform the customers about their rights when they have signed up for such policies. The onus lies on these companies to educate the customers as to how to claim mis sold ppi should the need arise. In fact it would also be not out of place to mention here that many banks, bound by this high court ruling, have started the not so pleasant job of identifying past customers who have literally been taken for a ride by them. Once they have been identified, such customers are given back the money that has been wrongly collected by them. So, if you feel that you are one such customer, it would be advisable to rush to the lender or financial institution and stake your claim and get back the money which rightfully is yours.

The Role Of FSA

The role of FSA or Financial Services Authority is very important here and they have clearly instructed the banks to look into all those ppi claims which may have been gathering dust over the past many years. If you are a deprived customer who feels that you ought to be done justice you could take the help of FSA and they certainly will lend a helping hand in ensuring that you get your rightful due if there is a clear case of mis sold payment protection insurance.

The Process Of Claiming PPI Refund

The whole process of reclaiming bank charges due to you from mis sold ppi claims has to be understood clearly and therefore it is worth having a look at the same in further detail. The whole process of getting back your hard earned money has to be initiated either by you or the financial institution from which you have borrowed either the loan or credit card. Now that FSA has mandated the lenders to identify those customers who could be victims of mis sold insurance policies, your job as a customer has become all the more easy. In such cases you are most likely to receive a letter from the financial institution which will kick start the entire process of getting the refund. However, in case you have not received any such communication from the bank or financial institution you have no reason to worry. You can initiate the process yourself by sending a communication to the financier as mentioned above. While in many cases the lender could have taken advantage of your ignorance of the rules as a customer, in many situations the error could have been genuine because of some mistake on part of the staff dealing with such loans and other lending. In such cases, on receipt of such communication you may certainly look forward to receiving compensation within a short period of time.

The Importance Of Being Knowledgeable

We have to understand the fact that we can easily guard and educate you, your friends and relatives from being victims of mis sold PPI just by being knowledgeable and informed. Keeping in touch with the internet or updating yourselves regularly regarding the latest news on PPI insurance is indeed the best and perhaps the only way by which we can avoid being treated wrongly by financiers and lenders. Also, it would not be a bad idea to be associated with us as we can help you in your endeavor to get compensation or become more knowledgeable.

Why us

PPI no paperwork certainly stands apart from the crowd with the policy of “No Win No Fee”. We are quite transparent in our operations and our professionals take lot of pains and efforts to educate the customers about their rights as a PPI insurance customer. It would therefore make lot of sense to be associated with us for your own interest. The days of banks and financial institutions defying or stonewalling the FSA has now become a thing of the past. The recent high court ruling has put things perfectly in perspective and as a customer we should take advantage of this situation and avoid being fleeced or being treated with the wrong end of the stick. This however, is not an easy job and we should be on our toes and be all eyes and ears as far as information and knowledge seeking is concerned.

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