If you know that you are having mis sold PPI then simply claim PPI

The world has become too materialistic since money has gained its importance. These days where money is present, cheat and fraud are also a part some way or the other. From past few years it has been seen that large number of financial lenders who provide loans do cheat while making an agreement regarding loan. Either they mis sell something in order to make unacceptable profit or they use dome other cheap trick to make unnecessary profit. Mis sold PPI is one of the common methods used by these money lenders. This was witnessed a lot in European countries, especially in the United Kingdom. That is why its government made extremely strict laws against those money lenders who use such cheap methods to make extra profit.

Payment Protection Insurance is actually a product of insurance which is meant to recover the money of the financial lender during such circumstances when the borrower’s income is being affected. If the borrower is going through a medical problem due to which he is not able to earn money then Payment Protection Insurance proves to be useful for the money lender. When the borrower dies then it proves to be useful but in most of the cases it does not seem to be a good insurance. Mainly because of the fact that loans are short term compared to this insurance. But since government has passed some laws regarding it people can now claim PPI

.

A person who has been mis sold PPI can recover his lost money by claiming his or her Payment Protection Insurance but it cannot be done without a good lawyer’s help. In order to file a case for claiming it people need to contact a renowned firm of lawyers which have a good reputation in such cases. Common people do not have sufficient knowledge regarding the rules and regulations associated with the cases of claiming Payment Protection Insurance. That is the reason people need to hire a lawyer who has great knowledge of every law which is linked with such problems.

If you know that you are having mis sold PPI then simply claim PPI to recover the lost amount

The world has become too materialistic since money has gained its importance. These days where money is present, cheat and fraud are also a part some way or the other. From past few years it has been seen that large number of financial lenders who provide loans do cheat while making an agreement regarding loan. Either they mis sell something in order to make unacceptable profit or they use dome other cheap trick to make unnecessary profit. Mis sold PPI is one of the common methods used by these money lenders. This was witnessed a lot in European countries, especially in the United Kingdom. That is why its government made extremely strict laws against those money lenders who use such cheap methods to make extra profit.

Payment Protection Insurance is actually a product of insurance which is meant to recover the money of the financial lender during such circumstances when the borrower’s income is being affected. If the borrower is going through a medical problem due to which he is not able to earn money then Payment Protection Insurance proves to be useful for the money lender. When the borrower dies then it proves to be useful but in most of the cases it does not seem to be a good insurance. Mainly because of the fact that loans are short term compared to this insurance. But since government has passed some laws regarding it people can now claim PPI.

A person who has been mis sold PPI can recover his lost money by claiming his or her Payment Protection Insurance but it cannot be done without a good lawyer’s help. In order to file a case for claiming it people need to contact a renowned firm of lawyers which have a good reputation in such cases. Common people do not have sufficient knowledge regarding the rules and regulations associated with the cases of claiming Payment Protection Insurance. That is the reason people need to hire a lawyer who has great knowledge of every law which is linked with such problems.

To claim PPI people need to go through some procedures which cannot be passed without a lawyer’s help. First you need to contact a firm which will help you in understanding that whether you really have mis sold Payment Protection Insurance or not. If you are found to be its victim then they will help you understand the further processes associated with its claiming. This way they will guide you step by step from the filing of case till the end result which will be announced by the court. And if you would be working with a renowned and experienced team of lawyers then you will definitely win the case.

Preventative Measures taken to overcome the Problems of PPI Policies

With an increasing trend in use of consumer loans, purchase of Payment Protection Insurance (PPI) is also increasing. Although, this insurance is supposed to provide relief to the consumers it gives rise to some problems as well. One of the problems arises when a claim on PPI is turned down i.e. after buying a protection policy when the consumer claims its payment the issuer company of the insurance refuses to pay it back. Another problem is of mis sold PPI, which mainly is our concern here. In the past few years immense amount of complaints were made against the lenders, and so to assist these people in making PPI claims many PPI claim companies came into being.

Payment Protection Insurance (PPI):

What happens if you take a loan and due to some reasons it becomes impossible for you to pay it back? This was the question that the makers of PPI policy had in mind. PPI is something that can be purchased to assure payments of any kind of consumer loans in case a borrower is unable to work, it may include circumstance, such as, where the borrower becomes ill or handicapped or dies. The issuers of these PPI are usually banks or insurance companies. PPI are usually purchased when a loan or mortgage is taken but that’s not necessary, sometimes they are also acquired independently. In UK, PPI are also given other names such as loan protection, loan insurance and so on.

Mis Sold PPI:

The policy was apparently prepared to advantage the borrowers; this new creation was introduced as a smart option for the customer. But things did not work as smoothly for the borrowers, as they were perceived to be. Instead, they turned out to be in favor of lenders and the insurance companies or banks. The lenders used some tricks to mis sell these PPI. In some cases, when you took a loan they made acquisition of PPI mandatory. Sometimes, the buyers were not given proper information when they could have ended up buying cheaper PPI. Most of the times, the buyers were unaware of the fact that PPI is being added to the policy.

What are mis sold ppi?

Payment protection insurance is a plan which was devised for those individuals who are having a tough time in managing their repayments under different debts or who are not confident about their future. Future always has an element of unpredictability and a person may lose his job or may get ill in which case he won't be able to pay off his debts. But it's not a hidden fact that thousands and thousands of individuals in UK were sold plans which are not by any means useful for them. Mis sold ppi is both a question of fact and law and it depends on the circumstances of an individual and their dealings with the policy providers. The success of ppi claims depends on the experts which you higher because they can surely make your claim strong.

Most of the people might ask that what constitutes a mis sold ppi. The answer to this question is as follows:

1.       Were you clearly informed with your loan product that the ppi policy is an optional one or you were almost forced into it?

2.       Were you made known about the clauses that relate to medical conditions which are already in existence?

3.       You should have been asked that whether you are self employed or not because if you are self employed, than ppi sold to you will count as mis sold ppi.

4.       Similarly a ppi sold to an unemployed person is in valid.

5.       One payment premium has duration of 5 years and interest payment will also be made for these 5 years on this premium as it becomes a part of your loan. Were you pre-informed about this fact?

6.       People should be informed about the interest payments on the policy and if not, than their ppi claims are valid.

7.       If you were sold a ppi which has no benefit for you and this fact was evident to the policy provider, than it will count as a Mis sold one.

8.       No policy provider is allowed to sate any ppi policy as a mandatory one and they are obliged by law to sell you a plan which suits your condition best.

If you still aren’t sure about the mis selling, than you should go for an expert advice and bear in mind that experts should have experience of such cases. You can find many consultant companies who not only guide you about a Mis sold ppi but they also represent you in the process against the policy lenders. Remember that if ppi providers are including ppi payments in your monthly repayment or if they state that it’s a mandatory part of your loan or card, than it is illegal. It is recommended to go through all the process under an expert's supervision as they will ensure that you regain all your premiums.

Preventative Measures taken to overcome the Problems of PPI Policies

With an increasing trend in use of consumer loans, purchase of Payment Protection Insurance (PPI) is also increasing. Although, this insurance is supposed to provide relief to the consumers it gives rise to some problems as well. One of the problems arises when a claim on PPI is turned down i.e. after buying a protection policy when the consumer claims its payment the issuer company of the insurance refuses to pay it back. Another problem is of mis sold PPI, which mainly is our concern here. In the past few years immense amount of complaints were made against the lenders, and so to assist these people in making PPI claims many PPI claim companies came into being.

Payment Protection Insurance (PPI):

What happens if you take a loan and due to some reasons it becomes impossible for you to pay it back? This was the question that the makers of PPI policy had in mind. PPI is something that can be purchased to assure payments of any kind of consumer loans in case a borrower is unable to work, it may include circumstance, such as, where the borrower becomes ill or handicapped or dies. The issuers of these PPI are usually banks or insurance companies. PPI are usually purchased when a loan or mortgage is taken but that’s not necessary, sometimes they are also acquired independently. In UK, PPI are also given other names such as loan protection, loan insurance and so on.

Mis Sold PPI:

The policy was apparently prepared to advantage the borrowers; this new creation was introduced as a smart option for the customer. But things did not work as smoothly for the borrowers, as they were perceived to be. Instead, they turned out to be in favor of lenders and the insurance companies or banks. The lenders used some tricks to mis sell these PPI. In some cases, when you took a loan they made acquisition of PPI mandatory. Sometimes, the buyers were not given proper information when they could have ended up buying cheaper PPI. Most of the times, the buyers were unaware of the fact that PPI is being added to the policy.

Differences and Similarities between Mis Sold Mortgage and Mis Sold PPI

Apparently mortgage and Payment Protection Insurance PPI policies in Uk were made to cater the needs of borrowers, they were made to provide relief to the borrowers (the term borrowers here includes not just the individuals who are facing some financial problems and want loans to buy house or start a new business but also big companies and firms who aim to extend their business). But unfortunately these policies turned out to be more in favor of lenders and the mortgage or PPI brokers, while selling them to the borrowers they were unfair and thought only about their profits and not about the difficulties that borrowers were to face.

Mortgage is a debt instrument where a person takes a loan by pledging some real estate property against it and pays back the loan in installments. However, according to the statistics the problem of missold mortgage comes almost hand in hand with the usage of mortgage. At the time when mortgages are being sold the brokers does not fully disclose information in front of the customers. And the customers trusting the advice of the brokers sometimes end up buying overly priced mortgages which makes it difficult for them to keep pace with their required installment payments.

Payment Protection Insurance (PPI) on the other hand, is a policy which is used to cover debt in case a person becomes unable to earn like if a person dies, looses the job, becomes handicapped or ill. In such circumstances the insurance company will pay for the installments. However, this is not how it happens the insurance companies at times refuse to pay the installments when the borrowers claim. There are also other problems associated with buying this policy; many times borrowers have no idea that they are acquiring PPI policy along with mortgage loans. Also sometimes PPI is forcefully added to the policy and there are also case where buyers are not given full information and they end up buying PPI at higher rate. These are all the problems of missold PPI.

Missold PPI and missold mortgage are two different problems but in essence they are the same. In both the cases, borrowers are the ones who face the repercussions. Sometimes in the form of paying extra money as installments payment and sometimes getting the claims turned down from the insurance company in an event where they are supposed to pay on behalf of the borrowers. Both of these issues affected so many people in UK that the Financial Services Authority (FSA) and Office of Fair Trading (OFT) both decided to intervene and to provide a solution for this problem. They made general guidelines as to how these PPI and mortgage should be sold and what actions should be taken against those who violate them.

If you are sure to have a mis sold ppi then simply apply for ppi claims to recover the lost money

Frauds with loans and debts are a common thing these days mainly because of the fact that lots of people are associated with different types of loans. Majority of people do not have enough knowledge regarding loans and that is why they fall in the trap of money lenders. People are familiar with only basic things that apply for a loan, do a signature on the agreement and get money in the hands. They do not even realize that they have been cheated by financial lenders. This way most of the times they become victim of mis sold PPI due to which they need to face great loss of money. But this can be stopped and a person can even regain his money by applying for PPI claims.

PPI actually stands for Payment Protection Insurance and it is meant to recover money for the financial provider who has given loan to the borrower. But it works in certain conditions which have only one thing common, that the borrower’s income is badly affected. When the borrower is medically unstable, economically disturbed or is going through any other situation due to which he is not being able to earn then only PPI proves to be an advantage. During the process of explaining the borrower about the contract, financial lenders either skip the part of PPI or only mention its advantages to them but mostly they do not inform them about the disadvantages associated with it. These are ways through which money lenders mis sold PPI. But after witnessing increase in this problem many countries have introduced PPI claims which helps in recovering the money lost due to mis sold PPI.

By applying for PPI claims a person having mis sold PPI can get all the money back and he may even get some concession too, depending on how good the lawyer is. PPI is usually linked with those types of loans that are commonly issued through banks such as loans of credit card. To understand the concept behind mis selling of PPI and PPI claims a person need to consult an expert of this field. Such a professional who can make you understand that whether you are a victim of mis selling of PPI or not. You cannot simply claim PPI whenever you wish. You need to have strong evidences which can prove that you are a victim in the eyes of law and order of the country.