PPI claims tend to be more commonplace than many people think. This might be because incidence of mis-sold policies is pretty high. Inspections from the the past few years show that millions of PPI policies have already been wrongly sold to unsuspecting people over recent years. Because of the rather accelerated amount of mis-sold PPI policies during the past number of years it is feasible that maybe you've also been sold a PPI policy that you simply don’t really need or is not necessarily valid for your case.
If such may be the case you may be allowed to make some PPI claims and make an application for refunds or compensation of some kind. When you have a currently active PPI policy or one that has only recently expired you can look at checking your details to see whether you’re permitted to avail of PPI refunds. The Financial Services Authority offers several remedial measures to fix any wrongs that may have happened in this way.
The startling thing concerning the entire issue is that when PPI claims started coming to the fore, an extremely worrisome fact came to light: even many of the most well-known and reputed names in the industry were accountable for mis-selling PPI policies to clients. To avoid such fallacies from occurring again down the road the Financial Services Authority introduced several regulations and guidelines to govern trade practices.
A lot more people than not have PPI policies. They're extremely common in instances where a mortgage has been obtained or you may have signed a credit agreement or you may have agreed to a loan. It is very important make sure that if you have a PPI policy or recently had one, it is only because you really needed it.
PPI policies are essential in order to be capable of making the payments on an active policy in case one is not naturally capable of making the payments by themselves, for which there can be several reasons such as sickness, old age, infirmity, unemployment, bankruptcy and the suchlike.
Here are a few indicators that you've been wrongly sold a PPI policy and may have valid grounds to claim a refund-
· If you were sold the PPI under false pretences; in case you didn't really need a PPI cover but the insurance broker or seller or lender convinced you that it's “essential”, when it's actually not, or tried to make a case out of an existing illness you may have and use it as the basis for needing a PPI cover sometime in the long run.
· If you were not given enough time and space to consider on your own. It is necessary for lenders and agents to suggest a PPI cover to you they also need to leave you alone to make up your own mind about whether you want it or not.
· It is important that you get the chance to research other market options as well before narrowing down your choices. It is the lender’s duty to permit you the liberty of choice.
