Payment protection insurance policies are already mis-sold to a number of individuals in the country. ?This is the major reason why loads of ppi claims from the policyholders are now being filed in the Financial Ombudsman Service (FOS). ?According to a survey by client group, almost ten million people 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 thought that it was compulsory or made believed by the sales representatives that this policy would improve odds of being accepted. ?This payment insurance policy shouldn?t affect any loan or credit card application of a person. ?If some of the impression that either of those put on you when you took out your policy, you can have your ppi claims back.
It?s also possible to qualify in making ppi claims if you were not made entirely aware that ppi is separate from your loan or card at the first time of taking the policy. ?If in case you were already covered from payment protection on other type of policy, you?re likely to be also eligible to make PPI claims from where you got a policy. ?There are many other circumstances under which a customer has been mis-sold the policies and could make ppi claims because of these. ?It is important to be knowledgeable of the 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 because it?s worthless to you of these circumstances. ?If you were told you must take out a ppi policy in order to qualify for the loan or another finance, you should also have been told that you?re free to take out a policy form any supply, where you think the cover is much better and cheaper. ?If the sales person didn??t tell you the circumstances in which you cannot make a claim, then the policy was mis-sold to you. ?If you were pressured in to purchasing the payment protection insurance from the supplier, it means the product was also mis-sold with you. ?
Cases of ppi related complaints are now examined by the Financial Services Authority (FSA) and the Financial Ombudsman Services. ?Most of the complaints brought to the FOS were upheld in favor of the claimants and was able to have their ppi claims from a mis-sold insurance policy. ?This just proves the massive mis-selling practice of this product.
If you think maybe you have been a victim of the mis-selling practice of this insurance plan, start making your ppi claims as you may be entitled for the money back refund of the money you paid in for this policy, including interest.
Tags: claiming for a mis-sold ppi, mis-sold ppi's, reclaming unfair ppi
Source: http://www.jumpstartmycredit.com/blog/2011/07/ppi-claims-from-a-mis-sold-insurance-policy/
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