Do you have mis sold PPI? Claim it back now!

The unfair practices of issuance of Payment Protection Insurance (PPI) over these past few years and the methods of selling this kind insurance to loan borrowers has been looked over by the Financial Services Authority. Many big companies in the banking industry have making bad money out of mis selling PPIs.

The main purpose of PPI is to help the loan borrower in the unfortunate event that he encounters injury during work or taken ill. This would make sure that the repayment in the loans until the loan borrower would resume their work.

There were numerous complaints about the subject of mis sold PPI. Of all people that have purchased PPI, whether they know or not, only ranges of 5-7% file their PPI claims. The records show that 70-79% of the people who have filed did not meet the certain terms one should have met by the policy.

FSA got into the scene and started investigating; they have found out those lenders do not inform their borrowers all the terms and conditions and their advantages of acquiring such PPI and for them how to be able to file for a PPI claim. The investigation also says that a number of lending company or institution is using scare tactics force and persuade the people into agreeing. It also surfaces that many lending companies that add PPI to initial loans without disclosing clearly what that was. Investigation also found out that some lenders add lump sum on a loan repayment plan. In the event that this situation arises, the borrower would be left with no choice but pay for the payment protection insurance.

These are the many things that may have happen to you to be able to file for your premium. Like the things we have enumerated and stated above. Such as: being told that you are to purchase the policy before you can achieve then loan you want to avail.

If any of these things ever happened to you, you are amongst the many people who have been mis sold PPIs , and this gives you the right to file for a claim for you to be able to reclaim the money you have paid to lending companies for premiums. It is very important that knows how to reclaim premiums. You wouldn’t want to fall in the wrong hands and fall into false promises. Many companies don’t charge you fees upfront. Use due diligence in choosing your company that would help you to your PPI claims, for you to guarantee to reclaim the money that was rightfully yours.