By Payment protection insurance is one of those products which is not needed by everyone but due to malpractice exercised by most of the banks for so many years, it has been sold to almost everyone who have taken home loan, credit card, car loan or mortgage loans. PPI used to be included in the agreement, with or without the knowledge of the consumers. Consumers who were paying heavy premiums each month never knew that they could reduce their monthly instalment if they remove the PPI from their agreement.
Many sales advisors just to get incentives and heavy bonus from the bank as well as to improve their performance, used to force sell PPI as they knew there is where the profit comes from. Banks used to lay heavy importance on selling PPI to the consumers as they knew that it is basically useless for most of the people but still used to attach it to the regular loan products as mandatory, verbally if not on the books. Here are the few ways PPI was mis-sold to people –
- Many a times, people were never told that they are being sold PPI when they were purchasing other lines of credit, such as mortgage, loan, credit cards, and so on.
- The representatives of the banks made it a point to tell many people that buying PPI was compulsory in order to purchase line of credits.
- Many people who were not eligible to get the coverage that PPI offered, such as people over the age of 65 or self-employed professionals, but were still sold PPI. These people were not able to get the benefits of PPI, even when they paid for it.
- The clauses pertaining to PPI claim were never fully explained by the representatives of the bank, and this led to more and more people buying it without actually understanding it fully, only to realize later it is not useful for them.
A professional PPI claims company will understand your grief and problem and will stand by you all the way till the very end. They will not charge you up front and will keep you updated throughout the process of filing a claim and winning it confidently.
