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If you believe that you have paid for a product you cannot use or did not want, you may be eligible for PPI reclaims. This loan repayment program, payment protection insurance, is not right for everyone. Investigations have shown that it may have been added to the cost of loans without the customer knowledge.
Investigations are underway by a number of agencies, including the Financial Services Authority and the Competition Commission, a public body that investigates questionable selling practices. Other investigations are still underway.
It has been determined that by eliminating the ability to sell the insurance at the time a loan is taken out, there would be less abuse of the system. The tempting reward of additional commissions might be considered too good to pass up by salespeople who need the additional pay. Whether the transgression was made by the company itself, or by its salespeople, they are still required to meet requirements.
Oddly enough, many of the people who are eligible to request refunds may not even know that they have the insurance. Those who have obtained loans should check credit card charges and the loan contracts. If the charge was included in the loan, it may be difficult to discern. You can contact the lender and request information about whether you have purchased this product. They are required by law to give you information concerning your loan and what you are paying for.
Some of the most obvious cases of unethical behavior include selling the policies to people who are unemployed. If already unemployed, they can not use the policy. Any medical problems that existed when you purchased the policy will be considered pre-existing and you cannot claim. Read all of the fine print to know exactly what you are buying.
Some of those who have received partial refunds may be able to get a full refund if they choose to revisit the issue. People who have canceled the insurance after taking out the loan may have been charged higher interest rates because of this action. If anything unusual appears concerning your loan, look into what options might be available to you.
When obtaining a loan, the inclusion of the PPI may not have been explained to you. Perhaps you never received a quote that did not include the insurance. You must have been fully aware that the insurance was being attached to the loan and understood all of the ramifications. If you were not given all of the information, you may be able to submit a claim for reimbursement.
Should you file PPI reclaims and not receive what you believe you are entitled to, contact the Financial Ombudsman Service for more help. Keep all of your facts together, including conversations, documentation and details about all interactions. You will be required to present all of this information to the Ombudsman Service.
Investigations are underway by a number of agencies, including the Financial Services Authority and the Competition Commission, a public body that investigates questionable selling practices. Other investigations are still underway.
It has been determined that by eliminating the ability to sell the insurance at the time a loan is taken out, there would be less abuse of the system. The tempting reward of additional commissions might be considered too good to pass up by salespeople who need the additional pay. Whether the transgression was made by the company itself, or by its salespeople, they are still required to meet requirements.
Oddly enough, many of the people who are eligible to request refunds may not even know that they have the insurance. Those who have obtained loans should check credit card charges and the loan contracts. If the charge was included in the loan, it may be difficult to discern. You can contact the lender and request information about whether you have purchased this product. They are required by law to give you information concerning your loan and what you are paying for.
Some of the most obvious cases of unethical behavior include selling the policies to people who are unemployed. If already unemployed, they can not use the policy. Any medical problems that existed when you purchased the policy will be considered pre-existing and you cannot claim. Read all of the fine print to know exactly what you are buying.
Some of those who have received partial refunds may be able to get a full refund if they choose to revisit the issue. People who have canceled the insurance after taking out the loan may have been charged higher interest rates because of this action. If anything unusual appears concerning your loan, look into what options might be available to you.
When obtaining a loan, the inclusion of the PPI may not have been explained to you. Perhaps you never received a quote that did not include the insurance. You must have been fully aware that the insurance was being attached to the loan and understood all of the ramifications. If you were not given all of the information, you may be able to submit a claim for reimbursement.
Should you file PPI reclaims and not receive what you believe you are entitled to, contact the Financial Ombudsman Service for more help. Keep all of your facts together, including conversations, documentation and details about all interactions. You will be required to present all of this information to the Ombudsman Service.
About the Author:
A PPI Calculator is a useful tool to help determine the amount of reclaims you might be eligible for. Claims may also be submitted for PPI Mis Selling methods in the past.
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