subject: Mis Sold Ppi Know When Can That Be The Case [print this page] Better Late than Never, you would not appreciate this saying more than in the case of PPI claims. A large number of people, by the virtue of either mis selling or smart selling, have now had a PPI along with their loan or an overdraft. This payment protection insurance protects you against the risk of nonpayment of loan or overdraft. Therefore, if there has been an accident or you have lost a job or anything else has transpired which ceases your flow of income, PPI will take care of the repayments that you are required to make. However, there have been a large number of instances when people have had mis sold PPI to realize only later that they either did not require it or they would not be able to receive payments from the policy because of non adherence to one or few terms, which they were not informed about.
There is an increased instance of mis sold PPI and therefore it is essential that one is aware of the circumstances in which such PPI is mis sold. If one of the following things has happened to you, you might want to consider that you have been mis sold a PPI by your loan provider.
1. MANDATORY: You should know that you can have insurance without the requirement of having a PPI. Such PPI is only an optional facility that you have which you can utilize as and when required. Therefore, if you have been told that a PPI is a compulsory requirement along with the loan or a credit card then you would know that you have fallen prey to PPI mis selling.
2. TERMS AND CONDITIONS: If the terms and conditions were kept implicit and/or you were not informed of cases when you would not be eligible for successful receipt of the desired and/or promised amount, you can assume that there has been some kind of manipulation that has happened.
3. YOUR STATUS: If you are not eligible to have a policy, it is the responsibility of the seller and the vendor to inform you about the same. If you are self employed, unemployed or over the age of 65 and still been sold a PPI; you have been swindled because you are not eligible to have it with your current status.
4. NOT INFORMED: If you were not informed about PPI being included in your credit policy and still being charged for it, you are within your right to consider it as mis selling and lodge PPI claims against it.
5. OTHER TERMS: There are various other terms, with PPI, which are worth knowing and it is the responsibility of the seller to inform you about the same.
