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The FSA have said they will carry out a further review on mis sold PPI in the mortgage market in the next 12-18 months but we would encourage them to name and shame these companies as part of treating customers fairly so they can either submit PPI claims or write to the firms directly to review their file so they can identify if mis sold PPI has taken place or at least give the customer the opportunity to use a claims management company to see if possible mis selling has taken place on behalf of their clients.
It is rarely pleasant to find out that you have made an invalid purchase, and in these current times of economic decline, losing money can significantly impair a person's standard of living. Fortunately, in the UK, the legal system affords us a great level of protection against certain types of loss, particularly those acquired through no fault of our own, and mis sold PPI is one such loss.
PPI stands for Payment Protection Insurance, and is a type of insurance that is taken out against a loan or an overdraft facility. For instance, if the lender failed to tell the borrower that a pre-existing medical condition would invalidate the claim, then they acted illegally and action is possible.
If the lender used terms such as 'we strongly recommend you take out PPI', or 'it is in your best interest to take out a PPI policy, and they did not issue a 'demands and needs statement', stipulating how much at risk the borrower was from defaulting on payments, and why PPI is necessary, the PPI was mis sold.
If the lender acted as if PPI was compulsory, rather than an optional extra, the PPI was mis sold.
If the lender failed to inform the borrower that PPI did not cover the full term of the loan or overdraft, the lender acted illegally and financial redress is possible.
rbs have been acting unfairly and, believe us when we say, if circumstances were reversed, they would be coming after you. Lenders are able to charge extortionate amounts of interest, and over this we have very little control, but when it comes to some issues, the power is ours and it is important that we take a stand, particularly in the current economic times, which are largely the result of large financial organisations putting profits ahead of customers.
One of the biggest concerns of the day regarding taking up back-up measures covering an outstanding debt revolves round on mis sold Payment Protection Insurance (PPI). Apart from being ignorant of possessing such a cover that could actually provide them with a protective arm, many of us are never aware of the fact that they are in the clutches of mis sold PPI insurance that is not suitable to meet their needs in the most perfect manner, and any claims, if made, are deemed to failure.
Buy the Extras in Life With Remortgages and Homeowner LoansHerein we will throw some light upon the dirty games that the lenders play while offering PPI, and the various ways you could have been cheated a PPI by them.
Firstly, often you have succumbed to an offer as showcased in a city mall stating of securing a 10% off your shopping. Due to haste, without going through the lines as printed on the declaration form, we eventually to put our signs for a store card that charges you a PPI payable on every month, regardless you use it or not.
It is rarely pleasant to find out that you have made an invalid purchase, and in these current times of economic decline, losing money can significantly impair a person's standard of living. Fortunately, in the UK, the legal system affords us a great level of protection against certain types of loss, particularly those acquired through no fault of our own, and mis sold PPI is one such loss.
PPI stands for Payment Protection Insurance, and is a type of insurance that is taken out against a loan or an overdraft facility. For instance, if the lender failed to tell the borrower that a pre-existing medical condition would invalidate the claim, then they acted illegally and action is possible.
If the lender used terms such as 'we strongly recommend you take out PPI', or 'it is in your best interest to take out a PPI policy, and they did not issue a 'demands and needs statement', stipulating how much at risk the borrower was from defaulting on payments, and why PPI is necessary, the PPI was mis sold.
If the lender acted as if PPI was compulsory, rather than an optional extra, the PPI was mis sold.
If the lender failed to inform the borrower that PPI did not cover the full term of the loan or overdraft, the lender acted illegally and financial redress is possible.
rbs have been acting unfairly and, believe us when we say, if circumstances were reversed, they would be coming after you. Lenders are able to charge extortionate amounts of interest, and over this we have very little control, but when it comes to some issues, the power is ours and it is important that we take a stand, particularly in the current economic times, which are largely the result of large financial organisations putting profits ahead of customers.
One of the biggest concerns of the day regarding taking up back-up measures covering an outstanding debt revolves round on mis sold Payment Protection Insurance (PPI). Apart from being ignorant of possessing such a cover that could actually provide them with a protective arm, many of us are never aware of the fact that they are in the clutches of mis sold PPI insurance that is not suitable to meet their needs in the most perfect manner, and any claims, if made, are deemed to failure.
Buy the Extras in Life With Remortgages and Homeowner LoansHerein we will throw some light upon the dirty games that the lenders play while offering PPI, and the various ways you could have been cheated a PPI by them.
Firstly, often you have succumbed to an offer as showcased in a city mall stating of securing a 10% off your shopping. Due to haste, without going through the lines as printed on the declaration form, we eventually to put our signs for a store card that charges you a PPI payable on every month, regardless you use it or not.
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