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The Different Faces of Mis Sold PPIs

PPI, also known as Payment Protection Insurance, is in its own nature an insurance which benefits insurance holders. This insurance is sold together with loans, mortgages and credit facilities. The good thing about this insurance is that it covers the payer from the debts should there be times when it is impossible to pay.

PPI

Say for instance if the insurance holder has debilitating disease and many other instances when it is almost impossible to work. The insurance is said to be adding up to 40% of the total payable balance of a person. This is primarily the reason why most lending companies would add this bulk up on the customer’s payables thus ending up in mis sold PPI. Here are the different faces of mis sold PPI and how it affects the consumers in general. PPI can be sold without the knowledge of the consumer.

PPI

Most of the time, PPIs are sold together with the loans and credit’s payable balance. There are also times when the consumer is completely misled by believing that the insurance is compulsory. This is totally faux. The borrower has the right to be guided accordingly with the truth or else the bank would be in serious trouble. The government has been showing concern with the public which have been victims of the fraud.

PPI

Thousands of money is saved by the bank to refund PPI as the answer the decree which the government has passed. A person mis sold can still have claims with the use of PPI service companies. These companies serve as the middleman for faster transactions. These services can also be accessed from the internet through www.ppi.com. You may have your case assessed to be able to know if you have also been a victim of this wide-ranged fraud. The best step for the customers is to have the policy reviewed for verification.



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