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Financial Services Authority (FSA) by james bond
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Financial Services Authority (FSA) |
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Finance & Investment,Business News
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The Financial Services Authority (FSA) found that almost 80% PPI policies were mis-sold. In May’2011 a high court ruling has made the banks and other lenders to look into all the policies they have sold and refund the customers with interest. FSA also found that despite the repeated warnings many firms are still not treating their customers fairly. PPI seems beneficial with all its promises and mis sold ppi that it can provide you when you need it most. PPI is payment protection insurance as an add-on facility to the loan. The initial idea behind PPI was to help the individual with their their loan repayments in the event of them contracting a disabling illness, or accident or loose job. PPI was included in majority of loans over last 10 years. You might have been offered or sold a PPI policy at the time you took out a loan, mortgage, credit card or other credit agreement. It might have been under the name of loan protection, credit insurance, unemployment cover, mortgage payment protection plan, personal loan protection or loan repayment insurance. The policy is thought to be mis-sold if you were not made fully aware of any major limitations or exclusions, did not understand the true cost or were made to think that the policy was mandatory when it was not so. Most of the time customers were not even informed that they had this insurance attached to their loans. Many policies turned out to be completely worthless when the need arose and not provide the expected cover. Furthermore many people have been sold a policy without the cost or terms made clear to them by the advisor, thus they end up spending a lot of money on insurance they will never need or will never be able to claim on. To check whether or not you’ve been mis-sold a PPI policy, refer to your loan contract and if contains words like “loan protection”, “payment protection” or “loan care” or anything similar, more likely than not you’ve been mis-sold a policy. In such a case, first thing you should do is to talk to your lender about the payments you are making every month. It is true that you can apply for a PPI claim without the assistance of a solicitor or a PPI Claim Firm, it is easier to get the support of a ppi claims assistance team or PPI specialist. We’ve already got a significant amount of money refunded for all of a lot of victims of mis-sold PPI and if you’ve got a case, we’ll do the same; strictly on a NO WIN NO FEE basis.
Related Articles -
mis sold ppi, ppi claims, ppi claim liverpool,
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