Mis sold PPI
In 2010, statistical data from the Financial Ombudsman Service revealed that there are millions of complaints and enquiries sent to their office, totalling to 4000 complaints each day. All these are connected to financial products. The Office of Fair Trading on the other hand has reported that 11 in 5 people have issues with contracts within the last 12 months in 2011 and a whopping 51% of these cases are all about Mis sold PPI or payment protection insurance. In 2011, a record-breaking number of complaints have been made for Mis sold PPI alone totalling about 104,597. Indeed, PPI is a money making source for many of the companies, particularly banks who hand them down, costing them around 9 billion pounds.
Why Was PPI Sold?
What makes PPI unique is how it is marketed to the consumer: when you get sick and you owe money to the bank or another lender, the PPI is a unique service that ensures that you can continuously pay your mortgage, loans, credit cards, and store cards. The PPI is ideal for situations such as sickness, accidents, or involuntary unemployment or any unexpected situations. With the current rise in the number of complaints due to Mis sold PPI, it is important for any person to check and review their policies so they know if they will be covered in all possible risks or situations that could happen. If you feel that you are under threat of losing your job, you need to be sure your PPI can really protect your payments.
Is it bad to have PPI?
Even organizations such as the FSA agree that if the PPI is structured well, has been implemented to the right person, and has been properly explained, can be a very potent solution if you do not want to face bankruptcy in the near future. The real bad thing about PPI is Mis sold PPI in which consumers are given the policy as if they are required to insure their payments. If you know that you have PPI, you should review the fine print in detail. Some companies have led their customers to believe that this policy is compulsory only ending up useless for the consumer.
Mis sold PPI – It should have been your choice
People have different options to generate their income and the PPI only covers those who are employed in a company. If you are self- employed or relying on your retirement money or if you are a student, the PPI cannot be applicable to you. Sadly, a lot of people who were Mis sold PPI belong to these groups and that meant the organizations are making the PPI a compulsory cost for these people.
They are never educated or made aware about the product being charged on their monthly premiums and thus, they become surprised that they are already giving these financial institutions a big chunk of money. To start your PPI claim today simply fill out the short form above or call us for free on 0800 840 7292 and speak to one of our expert advisers.