Payment protection insurance is sold by the banks alongside loans, credit cards, mortgages and alternative financial merchandise so as to give borrowers the reassurance that the loan or card can be paid within the event of an accident, illness or redundancy. However, it has been uncovered that many banks might have mis sold PPI insurance to unsuspecting customers as half of a sales drive due to the big profits that would be created out of this type of insurance.
Payment Insurance on loans and credit cards has created the banks therefore much cash over the years that several have their own sales forces dedicated to selling PPI and PPI only. With large bonuses paid to the high achievers, it's no surprise that some salespeople would do anything to urge customers to require PPI, even if it meant selling it in an underhand means. Examples of mis sold PPI insurance includes salespeople informing customers that they would not be accepted for the loan without the PPI, or that that they had a lot of chance of obtaining the loan if they took the PPI. Both are complete nonsense and any customer who was told things like this is able to have a legitimate reason to claim PPI back from the bank that sold it.
Different cases of PPI insurance that have return to light embrace the sale of PPI to self used or retired folks. The problem is, some policies really exclude self employed or retired individuals from claiming from the start! Therefore, these teams of folks should conjointly claim mis sold PPI immediately and stop paying money towards worthless policies.
Reports have additionally shown that some people who took out loans or credit cards might really have had the PPI added without them even knowing something regarding it! This is a stone cold example of mis sold PPI insurance and so borrowers are urged to check their statements to work out if PPI has been added to their loan or credit card through the rear door. Anyone that found that this had happened to them ought to immediately claim mis sold PPI back from their lender to avoid any more unnecessary payments.
If you're thinking that that you could are a victim of the mis sold PPI insurance scandal then you must visit web site http://yourppiclaims.co.uk/. They will help you claim mi sold PPI back from your bank with no upfront fees to pay money for making the claim.