The PPI Con
Borrowers should be covered for their debt repayments if they have PPI cover and something unexpected happens, but an increasing number of people are realising that it is one big con. It has been sold to people who are uninformed and who can’t afford it and often people who want it but don’t know they are ineligible.
PPI is regularly shrewdly tagged on to any loan or credit by most banks and employees are often forced to sell worthless policies in order to maintain their jobs. The idea of PPI is great for borrowers, mostly in the recent economic hard times, when individuals have been becoming unemployed in record numbers, it should mean that a few months unemployed doesn’t mean having no electricity because of loan repayments. In reality it’s quite the opposite; there have been nearly no cases where PPI has actually helped someone struggling to make repayments.
Thankfully banks and lenders who have mis-sold PPI can be held accountable by the everyday consumer. There are many companies who focus on financial law and plenty of them specialise in reclaiming PPI payments.
Many people don’t realise the variety of circumstances in which the sale of PPI can be considered illegal, if you were unemployed, self-employed or simply over 65, your PPI payments were void and you can reclaim all the money. If you weren’t explained all the terms, you can claim it back and if you were told you had to buy PPI from your lender, ask for it back!
Although claiming back your PPI is your own responsibility, the Financial Services Authority and the Competition Commission have taken a stance against the dodgy tactics of the industry. They are even slapping fines on any organisation deemed to have broken laws with PPI selling.
After a watchdog ruling in 2009 companies are now required to correctly sell PPI to customers ensuring they are not overpriced, customers can chose to opt out at any time and they are fully covered.
If you feel you have been miss sold PPI, then see why Dons LLP can help you with your PPI claim.
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