The reason why payment protection insurance claims have increased in the last few years is because the banks and other financial firms were selling PPI on a wrong note. They either never told that they are selling PPI to the consumers and simply attached it to their primary loan and informed the premium or they misinterpreted the whole deal and said very limited good-to-know details about PPI without revealing the whole list of terms and conditions. Few of the sales advisors even said that it is mandatory to buy PPI to get the loan approved and so on. These malpractices collectively ill famed PPI as a whole even though the product as such has no issues with it.
Here are some of the ways in which millions of people had to suffer because of mis-sold PPI –
- People who had been mis-sold PPI were paying higher interests on their loans, mortgages or credit cards. This increased their debts to a great extent.
- Many people who took loans knew about the interest that they would be paying to the lender. But, with the PPI, their interest increased to such an extent that many were unable to pay the instalments on time for no fault of theirs.
- The increase in their instalments for loans and credit cards decreased their spending power to a great extent.
- Even those who took the PPI willingly had no idea that will be not be able to use it if needed because of the clauses present in the policy. These clauses were not explained to the PPI policy holders in advance and they only came to knew about it later on which caused them a lot of harassment.
It is best to hire a PPI claims company to help get back your money. Check out the company’s portfolio over the net and check out the terms and conditions of their services too. A good company would never charge you up front and will be there with you at every stage and ensure till the very end, that you are updated with the progress and that you get what you rightfully deserve, your claim amount.