Facts About Miss Sold PPI
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Posted On :
Feb-23-2010
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Article Word Count :
501
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If you are wondering whether you were miss sold PPI, there are certain things that you need to consider. Ideally, the person who has sold you the policy should have followed the basic rules. For example, you should not have been self employed, unemployed or suffering from any pre existing medical conditions that will exclude you from making the claim. Also, you should not be pressured to take out the PPI.
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If you are wondering whether you were miss sold PPI, there are certain things that you need to consider. Ideally, the person who has sold you the policy should have followed the basic rules. For example, you should not have been self employed, unemployed or suffering from any pre existing medical conditions that will exclude you from making the claim. Also, you should not be pressured to take out the PPI. That means, you should not be told that you are compelled to get it in order to get the finance.
Typically, the PPI or the Payment Protection Insurance is sold along with the financial products such as the consolidation loans, mortgages, credit cards, or any other type of finance. Well, the PPI is not a bad thing at all. In fact, it is there to protect you from the emergency. For example, you will get the PPI schemes that will cover your loan if you are victim in an accident or fall sick. Also, it can take care of the loan in case of the death of the policyholder or if the person becomes unemployed. However, the PPI generally covers a fixed period of time after which the remaining of the loan is to be paid by the policyholder.
Nevertheless, the PPI can fetch a huge amount of commissions for the salespersons as well as big revenues for the finance companies. This is why there is a chance of you being miss sold PPI. There are several policies that may lead to that. This includes selling the policies to the people who are self employed or unemployed. This will infer that the finance is completely dependent on taking out the policy. At the same time, you can be miss sold PPI if you are not explained fully about the medical conditions and age.
In fact, the lack of explanation is one of the major area on which you can be miss sold. Ideally, you should be informed about the underperformance of the endowments right before you sign up. You should be told that the endowment may not turn up enough money to pay your mortgage off. However, if you are not made aware of it, you know that you are miss sold. Remember, the finance companies get clear instruction to explain everything to the consumers before they sign up.
Well, if you are miss sold PPI, it is important that you take proper steps in a hurry. For, time is running out of your hands. However, it is important that you have proper legal assistance. For, the opponent will try to block your claim with heavy technical jargon.
This is where a good law company comes into play. They have a wide range of experts available so that you will always get the best according to your situation. What’s more, you will also get an introductory chat where their experts will say whether you have chances of winning your claim.
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Article Source :
http://www.articleseen.com/Article_Facts About Miss Sold PPI_11703.aspx
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Author Resource :
The author of this article knows all about PPI and has written many articles on Miss Sold. And the author has an excellent knowledge in Consumer Credit Act Claim Solicitors and has been in finance sector for years.
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Keywords :
PPI, Miss Sold, Consumer Credit Act Claim Solicitors, Bad Debt, Wipe your Debt, Unenforceable Loans,
Category :
Finance
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Finance
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