Are You a Victim of a Mis-Sold PPI?
Posted on 12. May, 2011 by admin in Finance
If you have applied for and received credit either through a credit card or loan, for example, during the last several years, you probably purchased a PPI plan. PPI stands for payment protection insurance. PPIs have been in the news in the UK and elsewhere for years. Just recently, banks have been fined for having mis sold PPI plans, and the government has received over 200,000 complaints from consumers. The ensuing investigations led to the conclusion that many consumers were led to believe that either the PPI was required or that its purchase would guarantee acceptance of a credit application. Several circumstances exist under which you may be entitled to a refund. Beyond the two examples above, a few additional justifications include
- You didn’t know the PPI was added to your loan.
- You were unemployed, self-employed or retired when you purchased the PPI.
- You were not informed of policy restrictions.
The government has published a brochure with more information regarding PPIs and provides greater detail on a purchaser’s options. If you believe you were sold payment protection insurance erroneously or under false pretences, please contact an authorised advisory group or the Financial Services Administration with details. You may qualify for a considerable sum back.