Lender practices and mis-sold PPI
The mis-selling of PPI has become a hot topic in the UK and is now the most complained about financial product according to the FOS (Financial Ombudsman Service). Many people are now taking the steps to successfully apply for a PPI refund.
In order to apply for a refund it is sensible to understand what exactly mis-sold PPI is as it covers a wide area. For example it includes credit card loans insurance loan and many other types of loans from banks and other lending institutions.
PPI as a financial product has been, at times, overpriced. For some consumers PPI equated to more than a quarter of the value of the loan. In some cases the PPI amount being repaid to the institution is more than the interest repayments of the loan. Many agree this is simply too high and the only party that benefits is the lending institution.
Are You Eligible for a Refund?
There are some conditions that will give you a clue if you have been sold Payment Protection Insurance mistakenly and if you are eligible for a refund. The easiest to spot cases are if you were sold the PPI without your consent or knowledge. If you were not asked or were not fully informed about the PPI which you were sold as part of a credit agreement then there is a good chance that your are entitled to a refund.
If you were told that PPI was mandatory, and that you could not purchase credit without PPI, this is another sure sign that you may have been mis-sold PPI. Legally you should have been fully informed of the consequences of taking out a PPI policy and the vendor should have asked the necessary questions to ensure the policy was suitable for your needs.
Claims Management Companies
People are turning increasingly to the professional CMCs (Claims Management Companies) that specialise in helping people achieve the maximum refund they are entitled to.
Sally Bowyer, Managing Director of one such regulated financial claims specialist BrunelFranklin.com says that many people were mis-sold policies unknowingly. “Many people finally realise they have PPI only when it is pointed out by a friend, colleague, family member or financial adviser. The good news is that once you are aware you have been sold PPI, you may have grounds for claiming against a mis-sale, if you were unaware of the terms and conditions or the true cost, at the time of sale. There are many other circumstances that may constitute a mis-sale, which is why it is advisable to consult the experts.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.
