The Effects Of Mis Sold PPI
Among the many areas of personal finance that are of interest to the ordinary individual, that of payment protection insurance – commonly known as PPI – is one that is often written about. Recent years have seen a major rethink in terms of the manner in which PPI policies may be sold, and this is to the great benefit of the consumer.
This change in regulations happened as a number of complaints were noted by the authorities who oversee the market, and the investigation which came about as a result found worrying instances of the widespread mis-selling of PPI policies.
It was discovered that some of the companies in the industry – some of which were famous household names – often used underhand practices in order to make sure a customer was tied to a PPI policy on their terms, and this has led to many people subsequently pursuing a PPI claim for compensation.
In fact it has always been the right of the customer to look for the cheapest insurance package, although many had been advised that the loan or mortgage they wanted would only be forthcoming to them if they agreed to the branded PPI package that the company offered, something which is now illegal.
After the investigation some of the businesses involved were subjected to fines, and the regulations were revised to include the stipulation that PPI cannot be sold to a customer for seven days after the loan is granted, a move that is meant to give the individual greater security and enable them to shop around for the right package.
Pursuing PPI claims for any instance of mis-selling is a move that must be done with the aid of someone who is experienced in the area of personal finance claims, because it is an area of the law that may seem hard for the layman to get to grips with.
These days the market for payment protection insurance and personal finance is safer and much easier for the consumer, and this is largely thanks to the efforts of those who oversee the market. The revisions to the rules have been undertaken with particular attention to the rights of the borrower, and it is with this in mind that any later changes should also be made.
Knowing that we can take out a payment protection policy without any worries of being coerced to buy a more expensive branded deal is something that should be welcomed, and for the many who have read this and believe they are in line to make a mis sold PPI claim there is much information about the simplest way to get it done available on the internet and in many publications.