Payment protection insurance policies have been mis-sold to a number of people in the uk. This is the major reason why lots of ppi claims from the policyholders are filed in the Financial Ombudsman Service (FOS). According to a survey by consumer group, almost ten million individuals have a ppi polict with the credit card or store card, or onto their loans. Around 1.3 million people who took out ppi policy mistakenly believed that it was compulsory or made believed by the sales representatives that the policy would improve chances of being accepted. This payment insurance policy must not affect any loan or credit card application of an individual. If any of the impression that either of those put on you when you took out your policy, you could have your ppi claims back again.
You may also qualify in making ppi claims if you were not made totally aware that ppi is separate from the loan or card at the first time of taking the policy. If in case you were already covered from payment protection on different kind of policy, you could be also eligible to make PPI claims from where you got a policy. There are many other circumstances to which a customer has been mis-sold the policies and could make ppi claims due to these. It is important to be knowledgeable of this product in order to start claiming your compensation back.
If you were retired, unemployed, self employed, on benefits, a student or with pre medical existing medical condition when sold the ppi was sold to you, they you should make your ppi claims since it is worthless to you through these circumstances. If you were told you must take out a ppi policy to be able to qualify for the loan or other finance, you should also have been told that you’re free to remove a policy form another supply, where you think the cover is much better and cheaper. If the sales person didn¡¯t let you know situations in which you can’t make a claim, then the policy was mis-sold to you. If you’re pressured in to purchasing the payment protection insurance from the supplier, this means the product was also mis-sold to you.
Cases of ppi related complaints are now being investigated by the Financial Services Authority (FSA) and the Financial Ombudsman Services. Most with the complaints brought to the FOS were upheld in favor of the claimants and could have their ppi claims from a mis-sold insurance policy. This only proves the massive mis-selling practice of this product.
If you believe you have been a victim of the mis-selling practice of this insurance policies, begin to make your ppi claims because you might be entitled for your full refund of the money you paid in for this insurance policy, including interest.