Banks and lenders are still putting undue pressure on their staff and sales people to sell financial products meaning they are pushing sales over service and many products are being mis sold yet again.

Mis sold PPI

Mis sold PPI caused a national scandal as many banks and financial lenders were caught out mis selling Payment Protection Insurance. This was because PPI earned sales people a lot of commission and many employees were put under pressure to meet PPI targets. Like any insurance policy, if information is invalid, incorrect or you are not entitled to a claim then you could be paying into a PPI policy that would never pay out even if the worst happened and one of the situations PPI should cover you for happened.

Sales people and employees selling financial products such as PPI have to follow certain protocols before they can find out if you are eligible. If they do not adhere to this line of questioning and give you the full information then they are not putting your needs before the sale.

Banks should put customer first

To avoid another mis selling scandal like recent PPI claims, banks should start to put the customer first and instead of focussing on sales work out which products the customer needs rather than which product will earn the bank the most money and the sales person the most commission.

Unlike 10 years ago banks are now under much more public scrutiny and if nothing else the PPI court ruling has shown that banks can be made accountable as customers are entitled to claim mis sold PPI.

If banks cannot change the way they do business they may find themselves in a similar ruling over mis sold loans or other types of insurance as customers have more power and are better supported by the ombudsman and FSA.

Let mis sold PPI act as a warning to banks that customer service should always come before a sale.

Banks and lenders have lost a case against mis sold PPI after a huge investigation and now all their customers can reclaim PPI if they still have it on a credit policy or have had one over the last ten years.

PPI

PPI is known as payment protection insurance and may be familiar to you should you have ever taken on a credit policy such as a loan, mortgage or credit card as such. This type of insurance was sold to protect all your payments if you were ever involved in an accident or taken poorly, causing you difficulty in making your repayments. After these investigations, it has now come about that PPI was actually mis sold due to many people were unable to claim when needed. Also it has been sold to jobless customers, self employed and people aged over 65 who would never be able to claim on the payment protection policy. Other customers have been mis sold this product due to bad explanation by the lenders about the PPI product and some customers felt it was a compulsory insurance to take and others felt pressurised into taking on the payment protection. Now thousands of customers have received a refund through reclaiming PPI. The banks and lenders have set billions of pounds aside just to compensate all their customers.

Complaints to reclaim PPI are rising by the day with some banks and lenders receiving up to 400 complaints due to more and more customers are becoming aware that they have also been a victim of payment protection mis selling and now want to also, like thousands of others already have reclaim PPI.

So if you have ever taken on a loan or credit agreement as such over the last ten years, whether you have paid this agreement off in full or still making up your repayments and you think you may have been mis sold payment protection whether you have thought you have been misinformed regarding PPI not knowing the full facts or felt that the insurance was not at all necessary, the you have a strong case to reclaim PPI. With the average claim over two thousand pounds, you have nothing to lose but a lot to gain.

PPI is otherwise known as payment protection insurance and has been mis sold to customers who have applied for a credit card, mortgage or loan agreement to protect their payments should they ever become unemployed, be involved in an accident or become too poorly to work and make repayments to their credit policy. Although this sounds like the most secure thing to do, it has in fact been mis sold to many customers who will never need nor be able to make a claim on it. The banks and lenders worked on a commission basis so the more PPI policies they sold, the better for them.

Mis sold PPI

PPI has been mis sold through a number of ways for example customers have felt pushed into taking on payment protection insurance without knowing the ins and outs of what’s involved. Others have felt they didn’t have a choice and others have found that they have had PPI put on to their loan agreement without their consent. Certain people would never be able to make a claim if they needed too such as the unemployed, self employed and over aged and even these have been wrongly sold PPI.

But however wrong this all sounds, there is some good news. Yes, you can now reclaim your PPI! You can do this due to the banks and lenders losing a huge court case against mis sold PPI and now have to compensate all their customers however they have been mis sold their payment protection in the past ten years. You can reclaim your PPI if you are still making repayments to your credit policy or have paid it off in full and if you have more than one loan agreement, that doesn’t matter as you can still reclaim your PPI.

According to the financial ombudsmen, payment protection insurance is now the most complained about financial product which has already reached 500,000 complaints. These complaints are not slowing down after more customers are realising they too have been mis sold payment protection, so if you think you may be a victim, now is the time to reclaim your PPI.

Payment Protection Insurance – PPI

PPI (Payment Protection Insurance) may have some familiarity to you should you have ever taken on a loan, mortgage, credit card or any such credit agreement. It stands for payment protection insurance which was sold to protect your payments should you become poorly or be involved in an accident or unemployment. This to some people was a necessary product to take, ensuring that if any of this were to happen, they knew their credit repayments were being paid. But to others this was not the case. It has come about during many investigations that in fact the PPI product had indeed been mis sold.

Many cases have shown that people did not even know they had such product and have been paying an expensive policy on top of their loan amount for something they do not require or use. Others have felt pushed into taking on PPI and others have felt that they did not have a choice and didn’t know that the payment protection insurance was not compulsory. Also PPI has been should to people who would never be legible to make a claim on it due to them being either jobless, self employed or over the age limit of making the claim. But now because of this the customers can now claim it all back plus interest in some cases.

The banks have already received a vast amount of complaints and receiving more and more by the day due to many people finding out that they too have been a victim of mis sold protection insurance. Complaints have risen by 59% meaning the banks and lenders now have to put even more money aside to compensate their customers after underestimating the overall refunding amount required.

If you think you too may have been a victim of mis sold PPI, then you need to take action as soon as possible to ensure you too get the compensation you deserve.

Mis sold PPI is said to be the most complained about financial product according to the financial ombudsmen after a full investigation has been taken out on banks and lenders after selling a product when taking out a loan in which customers will neither use nor need.

Mis Sold PPI

People who have applied for loans, credit cards, store cards or mortgages have found that were paying out an expense just on payment protection insurance and realising they never actually knew they had it amongst other examples of mis sold PPI. In some cases, people have been paying up to 30% of their original loan amount just in PPI and with the average refund of over £2000 there have now been up to 500,000 complaints so far and now the banks are having to set aside even more money just to compensate their mis sold PPI victims.

If you are like many others who in the past have taken out a credit agreement such as a loan, mortgage or credit card as such, you too may be a victim of mis sold PPI so its worth looking into and thinking back to when you took on your policy with your specific bank or lender. Did you know you had payment protection insurance? And if so was it explained to you in full? At the time of taking on your loan, were you eligible for PPI? Did you know it was not compulsory? Did your lender give you much choice about payment protection insurance or did you feel pushed into it? Maybe you felt vulnerable at the time and thought it was the best thing to do even though you didn’t know much about the product? All these are examples of mis sold PPI and now is the time that you can claim it all back whether you are still making repayments or have paid the loan agreement off in full over the last ten years then you can still make a claim against mis sold PPI.

Due to the banks and lenders losing this battle against mis sold PPI, they now have to compensate all their customers in a quick and professional manner to ensure their victims do not have to wait any longer for compensation.

Mis Sold PPI

But why was this payment protection mis sold? Banks and lenders worked to get compensation on each PPI policy they sold to their customers and by this they could have made out that this insurance was an essential product to have, they didn’t give their customers a choice so many people have thought PPI was a compulsory product, they didn’t give a full explanation about the payment protection and has also been mis sold to self employed people, jobless customers and elderly customers who would have no chance in making a claim on the payment protection. Also people who may have been vulnerable or taking on their first credit agreement may have been made to feel that they needed this product or been told they were not liable for the loan if they didn’t have PPI as well.

The banks and lenders have received around 500,000 mis sold PPI complaints already and there is no sign of these slowing down as more and more people are finding out that they too have been a victim over the last ten years of mis sold PPI. Due to the amount of complaints the banks are receiving, they have now had to set aside more money to compensate their customers after under estimating the amount of complaints they were going to receive.

So if you think you may have been mis sold PPI for one reason or another now is the time to make a case to claim it all back. Thousands of people have already claimed an average of over £2000 and with your banks and lenders having to take full responsibility for their actions, they are being told to manage complaints as quickly and smoothly so that you, the customer do not have to wait any longer for your justice from mis sold PPI.

PPI has been offered by lenders and banks to their customers when signing up for a credit agreement to protect your repayments in the unfortunate event of an accident or becoming unemployed causing trouble in paying your monthly repayments. Unfortunately, although payment protection sounds the most secure thing to take where loaning money is concerned, it has been known that in the event of having to make a claim on the PPI, it has been very difficult. Also you more than likely will have never need to use you payment protection during your loan period. With this I mind you are probably one of many victims of mis sold PPI and can now start a case to reclaim all the money you have paid just in insurance.

The banks and lenders have lost a huge court case against mis sold PPI and not only through their customers not actually needing to use it during their loan period, but other factors also for example if you can think back to when you took on your particular credit, can you remember if PPI was explained to you? Did you feel pressurised at all? Were you given a choice in having payment insurance in the first place or have you noticed that you have PPI already on top of your loan amount?

For any of these factors, you have a strong case in claiming your mis sold PPI back whether you are still making repayments to your credit agreement or whether you have paid it off in full over the last ten years. If you’re unsure whether you actually have payment protection or not you can either contact your original lenders who will inform you or take a look on a statement where it will clearly state payment protection. These are the first steps to take to start a case against mis sold PPI, and then you will be on your way to receiving up to thousands of pounds in PPI refund.

So PPI sounds great at the time but in fact its not at all necessary and with this you may have heard on the television or through the grape wine that banks and lenders now have to pay all their customers back the PPI they have paid into plus any interest also. They have to do this as they have lost a court case against PPI and how they have mis sold it to their customers not only through the customers not necessarily needing to use payment protection but other examples also such as customers have felt pressurised into taking PPI, they didn’t know PPI was not compulsory and also payment protection has automatically been put onto various customers credit policies without them realising.

One or more of these examples may sound familiar to you and you too may want to claim back your PPI. Well now you can do quite easily. Firstly you will need to prove you actually have protection which can usually be done by checking a statement or contacting you credit bank or lender. You don’t have to make a claim on a current loan either. If you have had any loan agreement paid off over the last years then in most cases you can claim back PPI on those also.

The banks and lenders have already paid back billions of pounds just in PPI to thousands of their customers around the UK. So if you have PPI you could be the next to have a nice cheque through your door of reclaimed PPI.

PPI has been a huge story over the news recently, how the banks and lenders have lost a massive court case regarding mis selling PPI to their customers and now have to pay monies owed back plus interest. If you are or have ever been the owner of a credit card or had a loan, mortgage or store card and not heard the PPI news then it’s important for you to find out more about PPI and how it could be beneficial to you.

What is PPI?

PPI is an abbreviation of payment protection insurance and if you have ever had a credit agreement like a loan, mortgage or credit card etc then the insurance is offered/sold to you to protect your payments if you ever became unwell, unemployed or have an accident causing you difficulty in making repayments. But as it states in the PPI news, this is why banks and lenders have lost a case as a huge percentage of us have never actually needed to use the protection and it hasn’t been explained properly to customers in the first place but instead the PPI has been mis sold through pressurising customers into taking out the insurance, not ensuring customers understand the difficult process should they have ever needed to make a claim on their insurance and even some customers have not been given a choice but instead the payment protection has automatically been added to the credit policy. All these are examples of mis sold PPI and if you have ever been a victim then now is the time to claim all your payment protection back as the PPI news tells us.

You may have already made all your repayments back to your bank or original lender or you may have a current loan and still making repayments. Either way, you can still open a case against mis sold PPI especially if you have paid off any loan agreement over the last ten years. Some interesting PPI news for you is that it is actually quite easy to start the process of claiming back your payment protection where all you need is a current or an old statement which tells you whether you have PPI on it. It should clearly state protection insurance on the statement. If you are still unsure then you can call your credit lenders who will tell you. This is the first simple initial step you need to take, then after this very little input form yourself is needed at all.

The PPI news is that billions of pounds has already been returned to victims of mis sold PPI and now you could be the next.

 Have you been Mis sold PPI?

There are many examples of mis sold PPI. The most obvious one being that, we have been sold this insurance when you don’t actually need it. Having an accident or becoming unemployed in the length of time you will be paying back your credit agreement is extremely slim and in the case that you are unfortunate enough to do so, it has been known that it is really difficult to do so and get help with your repayments. Other cases of mis sold PPI have been to not even knowing you had insurance and it has just been put on top of your loan policy. Or perhaps feeling pressured into taking it or not even given a choice. Many people haven’t even known that payment protection wasn’t compulsory.

These are all common factors of mis sold PPI and its important to start a case to reclaim back what is owed to you should you think you to may have been a victim of mis sold PPI. If you are unsure whether you have it or not then take a look at a current statement or even a previous statement as you can make a claim against mis sold PPI up to ten years previous whether you have made all your repayments in full or still paying instalments to clear the credit off. On your statements you will see it clearly states protection insurance or something along these lines. If you still can’t see it then you can give your specific lender a call who should inform you whether you have the protection or not. If you have its more than likely that you have been a victim of mis sold PPI.