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Misselling of PPI

In the UK many people may have been persuaded to buy insurance policies that are meant to protect them if they should become incapacitated or unable to make their payment on their loans. This could be sold for a personal loan, mortgage loan, credit card loan or any other kind of loan. Many people were talking into buying PPI policies but not given all of the facts. Not everyone can be covered by PPI.  For instance, if a person is over the age of 65 and is forced to buy a policy this is a very good example of misselling of PPI. The insurance policy is there, they are paying for it but when the time comes to use it they find that they are not even eligible. This is an obvious kind of misselling of PPI.

Excessive Charges

Misselling PPI causes a lot of people many problems when they see the bank charges they have incurred over the years due to that extra payment. When it comes time to try reclaiming PPI money it is important to clearly understand how your policy was mis-sold. Claiming back these type of  bank charges can be time consuming and you may need to be patient.

What You Can Do

The first thing you can do is learn your rights. You as a borrower are not obligated under any circumstances to buy a PPI policy.  In addition, it is not legal for a lender to refuse you a loan based solely on the fact that you are refusing PPI coverage. The next thing you need to understand is what it is that you must do in order to be covered under one of these policies. If you have any circumstance that would disqualify you then you have the right to make the bank aware that you are already educated on the matter.

Most of the time if you make sure you know what you are getting into before walking into a financial institution then you will not be faced with the headaches involved in undoing something that is very costly such as being sold a PPI policy that you will never be able to collect on.

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