Recently the number of individuals complaining about mis sold finance by banks and credit card companies has increased considerably. Investigations have showed that the allegations are true to some extent and most of the victims were apparently ignorant about ppi and other forms of insurance.
It is most obvious for banks to see loan seekers as soft targets for selling insurance policies of one form or another. The person in need of money agrees to the terms without much fuss. There are many cases when the loan applicant is awarded the insurance policy without his filling of the forms. In other cases the policy papers were prepared beforehand without the consultation of the loan applicants, who were informed that it was mandatory to get their loan cleared. Thus it is no wonder that most of the mis sold finance has been conducted in the loans sector.
The credit cards do not lag behind much in this regard; if you have purchased any of the products viz. loan, credit card, mortgage or overdraft, it is quite possible that you might be a victim of mis sold finance. The good news is that due to the Govt.’s intervention, banks and credit institutions are now ready to revert the funds invested in insurance and ppi.
PPI claims as they are popularly known are being sought by more and more people to get back their mis invested funds. Although it can’t be denied that not all ppi cases were mis sold. It is an excellent form of insurance that helps you to repay your debt during difficult situations. But there are countless number of individuals who claim that they were completely left in dark regarding the insurance plan. If you feel that you have been a victim of mis sold finance, you can hire a professional finance company to get back your claims without any hassle and getting things done efficiently and smoothly.