How Do I Know If I Was Mis Sold PPI
Within recent years, PPI and the misselling of it has come under the scrutiny of consumer advocate groups and governmental agencies as well. So many people are finding that they are paying higher loan premiums than ever before and are now determined to find the answer to the question "How do I know if I was mis sold PPI?"
Look at Loan Docs and Statements
Whilst there are a few ways you could come up with the answer to that, the best way to discover whether or not you were mis sold payment protection insurance is to take a good look at your monthly statements or to closely examine your loan documents. How do I know if I was mis sold PPI? By looking to see if I have been paying for it!
Lenders Everywhere Are Mis Selling PPI
Even after you find that you have indeed been paying for an insurance cover you never wanted and certainly couldn't afford, you may be questioning why you had to go through this in the first place. Just because you needed to take out a loan or apply for a revolving line of credit, doesn't mean that the lender has the right to coerce you into an insurance policy that you cannot use or don't want. How do I know if I was mis sold PPI? Because lenders everywhere are misselling loan protection insurance and the multitude PPI claims just gives evidence to this.
Misselling to Vulnerable Consumers
Actually, if you have to ask yourself "How do I know if I was mis sold PPI?" then you are probably vulnerable to having been mis sold payment protection insurance or any other product the lender could slip by you. Most of us trust our lenders enough to divulge all manner of personal information, why shouldn't we trust them to sell us only products we need or want?
Lenders Looking to Increase Bottom Line
The answer to that lies in the fact that PPI nets lenders a significant amount of money. How do I know if I was mis sold PPI? Take a good long look at how much money you have been paying and whether or not that amount seems logical in comparison to what you borrowed. If it seems to be an extremely high amount of money then you can bet your lender was looking to increase his/her bottom line and that you were indeed mis sold PPI.
Government Ruling Sheds Ray of Hope
Since there were so many instances of mis sold PPI in the past which led consumers to ask "How do I know if I was mis sold PPI?" the government has now regulated that payment protection insurance cannot be sold until the loan is at least 14 days old. This will put a stop to the practice of adding PPI to loans without the borrower's knowledge. This should see to it that in the future there will be fewer PPI claims on mis sold PPI. In the meantime, the number of PPI reclaim cases will continue to rise in the foreseeable future.
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