6 Easy Tips to Identify You Have Been Mis-Sold PPI

There are many different ways the bank and its representatives have used to mis-sell payment protection insurance, and this is what led to the downfall of this otherwise useful financial instrument. It is not always easy to understand for a layman how it was mis-sold, so doing a bit of research would help. You can also contact the bank for further guidelines or check with the PPI claims company if they can help you identify whether the PPI was mis-sold to you or not. Also, make sure that you calculate how much money you are due to get through the refund. Here are the 6 most common mis-selling technique used by the bank to sell PPI –

  • If you were not told at the time of purchase of the mortgage, insurance or loan that you are being sold PPI too, you were mis-sold PPI.
  • If you were below 18 or above 60 at the time of purchase, the policy was mis-sold.
  • If the bank representative or the agent told you that it is mandatory to purchase the PPI, it was mis-sold. This is because buying PPI was never mis-sold.
  • If you were retired or self employed, but were still sold PPI, it was done wrongfully.
  • If you were told by the agent that buying PPI would increase the chances of you getting loan, the PPI was mis-sold.

The above mentioned points would help you understand that you have been mis-sold PPI easily. It is essential that if you have been cheated off your money that you fight for your right and get the money you lost back from the banks, who did everything they could to rob you off your money. After the recent court order, it has become much easier to get the money back from the banks, and the banks themselves would assist you in the refund procedure. However, you need to know the refund procedure and do it flawlessly to ensure that there are no loopholes that can stop the bank from materializing the refund. If the banks are not happy with your claim application then the chances are that you would not be getting your money back, and things would become much more complex.

This is because you then need to knock the doors of Financial Ombudsman Service, and if the claim is rejected even there, push the claim application to the Financial Ombudsman Service inspector. Whatever the FOS inspector decides is final and binding upon both the parties in most of the cases. However, if the refund application is rejected by the FOS inspector as well, then the only option you have is to hire a lawyer. It can be an expensive affair, so make sure that you calculate how much you can get as refund, because you do not want that you spend thousands to get just hundreds of dollars back, if you know what it means. You can calculate how much money you can get in refunds by visiting www.haveigotppi.org.uk. Here they have the PPI claims calculator, which would help you find out how much money is due and how much you can get back.

Author: Richard Casteel

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Richard is the chief author of this blog. He worked as a financial advisor in money market form last 10 yrs. His financial sense in Share trading and any other trading is just outstanding. He just shares his knowledge and experience through this blog. You can contact him directly though CFD-Providers.com.

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