16/08/2010 by Bradders.

It’s been long overdue and everyone from consumer campaigners to the media have been banging the drum about the abuses that large financial institutions have inflicted on their customers for over a decade. The banks have used cynical ploys and sales tactics to increase their already massive profits at the expense of their loyal and long suffering customer base. This has now ground to an earth shuddering halt and no longer will they be able to run their business like the racketeers of 1920’s Chicago with their protection racket scam.

Mis sold ppi has been hot news for the past year as the scale of this racket has come to light. Thousands of people have woken up to the fact that they have been sold expensive, unnecessary and in many instances useless insurance, and are now demanding their money back. However, just like the mobsters of Old Chicago,asking for your money and getting it are two entirely different matters. However, help is at hand in the guise of the Financial Services Authority (FSA) who has ordered the banks to stop automatically rejecting complaints regarding mis sold ppi.

They have been ordered to write to customers who they feel may have been missold this insurance. In an ideal world this makes perfect sense but an image of Al Capone informing the local bar owner that his windows might be safe springs to mind. The regulator also stopped short of a previous recommendation ordering the firms to re-examine complaints that have already been dismissed.

This was due in a large part by the firms telling the FSA in no uncertain terms that they do not have the legal power to enforce it. This shows that whilst the FSA have certain powers they’re clearly not the FBI. 

Complainants running into hundreds of thousands have had their cases rejected which runs into millions of pounds in lost compensation. Their only course of action was to take their complaint to the Financial Ombudsman, unfortunately many don’t so their claim never gets paid. This is a real travesty when one considers the FOS are finding in favour of the consumer in 90% of cases.

Despite this the banks have still got the temerity to challenge the regulator that it hasn’t ‘demonstrated there was a genuine problem’ with complaint handling! Big Al must be laughing in his grave at the brass neck of his modern day counterparts. 

They say that eventually everyone gets their comeuppance and Big Al was indicted for tax evasion and incarcerated for the millions of dollars in ill gotten gains. So far, all the banks have received is billions of pounds in a bail out from the very same people it duped. 

If you have been missold payment protection insurance there has never been a better time to start your claim now. 

Mis sold ppi

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10/08/2010 by Bradders.

Controversy still reigns over payment protection insurance the multi billion pound industry that the financial institutions created over the last two decades. The only reason that it has achieved such a high profile is mainly due to the overzealous sales advisers using unethical procedures to increase their already massive profits. This has almost created a byword for bad practice and this activity is known as missold ppi

In countless cases, the finance companies would lie and explain to the potential loan borrower that they would not be granted a loan without getting the PPI. This was a fabrication and a measure to deceive. In these instances, the borrowers that fell for this falsity to buy the PPI were charged a much higher premiums than if they had purchased this insurance on their own volition.In some instances borrowers may not even realize they were sold a payment protection insurance policy. It makes perfect sense if you took out a loan or mortgage and were never offered PPI to check and see if you are paying for a policy you never agreed too!Below is a list of statements to ascertain if you were potentially missold ppi.·     

Did the lending company tell you the policy were optional, or did they suggest that the PPI cover was required in order to receive the loan?

Did the lending company ask about your employment situation and whether you had any pre-existing medical conditions?

Did the lender allow you to check the policy terms and conditions prior to the agreement?

Did the lending company ask you if you owned any other insurance that may cover such risks?

Were you sold PPI while self-employed?

Were you told of the limitations and just what pre-existing conditions would not be covered?

Did the lending company advise you on the total APR would be of your loan with PPI included?

Lastly, if you did purchase payment protection insurance and tried to cancel it, were you denied?If any of these statements refer to your situation it is probable that you may have a case to file a ppi claim. There are many ways one can do this. It is possible to contact specialists in the field that may help you with the claim.

www.missoldppi.net

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09/08/2010 by Bradders.

Over the last 15 years there have been an estimated thirty million missold ppi policies sold by finance companies including the major high street banks. Unfortunately for a vast majority of people who were sold these policies time lines involving the 6 year statute of limitation and FSA regulations means they will never get a penny back. The total figure amounts to billions of pounds and there are still billions that could be claimed.Refunds averaging thousands of pounds are potentially awaiting anyone who has applied for credit cards, store cards or loans during the previous six years.

This is all due to a substantial amount of Payment Protection Insurance (PPI) that was sold in addition to any one of these products. However, people are still in the dark and unaware that they were mis-sold PPI.Payment protection insurance was designed to assist borrowers who find they are having difficulties paying these debts through illness, an accident or by being made redundant.

However, certain abuses came to light at the manner in which the financial institutions sold the product. Employees at banks and other financial lenders were frowned upon if they did not sell the products alongside the credit. They were encouraged to increase their volume in sales by using a number of dubious sales techniques In some instances the consumer was informed that taking out a policy is compulsory in order to secure the finance.

This is not a true statement and will account for missold ppi. In a lot of instances the consumer will already have some form of cover in place for any eventualities but this enquiry from the loan provider is very rarely asked. In a lot of cases a client will phone the loan provider for a quote on the monthly payments for a loan they intend to apply for. The consultant will quote a figure whilst at the same time informing the customer that the loan is fully protected, which is another way of sliding a very expensive policy attached to the loan under the door.

If the loan has been extended over a longer period the borrower, who will be unable to make the repayment calculations in his head, considers the payments reasonable, accepts the quote and not realise they have been mis-sold PPI.Enormous sums are generated from the products sold together with the loans and in many instances are more lucrative to the loan provider than the actual loan.

It has been estimated that over £5,000,000,000 a year is generated by this insurance!There are thousands of people with this insurance who would not be able to claim on it even if they wished to. The institutions did not discriminate against anyone when it came to selling this product. It did not matter if you were unemployed, self employed or retired you were still sold it.

Pre-existing medical conditions that borrowers suffered with and could never claim for were not discussed at the time of the sale yet they were still sold insurance! Terms and conditions were never made 100% clear to the consumers so in the vast majority of cases they were completely  unsure of what is and what isn’t coveredAnyone suspecting that they have been sold a product unnecessarily has every right to demand a refund of their premiums.

Why wait and become yet another statistic added to the millions of people who will never get a refund due to time constraints.

www.missoldppi.net

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